GBP/CAD: Ichimoku clouds 28 March 2018, 20:47

GBP/CAD: Ichimoku clouds

28 March 2018, 20:47

Scenario
Timeframe	Intraday
Recommendation	SELL
Entry Point	1.8174
Take Profit	1.8100
Stop Loss	1.8231
Key Levels	1.8070, 1.8118, 1.8152, 1.8210, 1.8233, 1.8255.

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span has crossed the price chart from above, current cloud has reversed from ascending to descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.8152). The closest resistance level is Tenkan-sen line (1.8209).



On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading around upper border of the cloud. The closest support level is the upper border of the cloud (1.8146). The closest resistance level is Tenkan-sen line (1.8274).

On the both charts the instrument is still falling. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (1.8100) and Stop Loss at the lower border of the cloud (1.8231).