GBP/CAD: Ichimoku clouds 10 December 2018, 21:40

GBP/CAD: Ichimoku clouds

10 December 2018, 21:40

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	1.6820
Take Profit	1.6660
Stop Loss	1.6910
Key Levels	1.6628, 1.6657, 1.6782, 1.6851, 1.6933, 1.6875.

Let's look at the four-hour chart. Tenkan-sen line is crossing Kijun-sen from above, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from above, current cloud is going to reverse 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 (1.6783). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.6849).



On the daily 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 is ascending. 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 (1.6742). The closest resistance level is the upper border of the cloud (1.6933).

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 (1.6660) and Stop Loss at the lower border of the cloud (1.6910).