EUR/GBP: Ichimoku clouds 05 February 2019, 20:07

EUR/GBP: Ichimoku clouds

05 February 2019, 20:07

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	0.8814
Take Profit	0.8905
Stop Loss	0.8765
Key Levels	0.8740, 0.8765, 0.8790, 0.8820, 0.8850, 0.8873, 0.8900, 0.8912.

Let's look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from below, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (0.8772). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8822).



On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. One of the previous minimums of Chikou Span line is expected to be a support level (0.8766). The closest resistance level is Kijun-sen line (0.8853).

It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (0.8905) and Stop Loss at the upper border of the cloud (0.8765).