EUR/GBP: Ichimoku clouds 28 May 2019, 21:15

EUR/GBP: Ichimoku clouds

28 May 2019, 21:15

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	0.8818
Take Profit	0.8908
Stop Loss	0.8777
Key Levels	0.8777 0.8804 0.8831 0.8908

Let's look at the four-hour chart. Tenkan-sen line is crossing Kijun-sen from below, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (0.8804). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8831).



On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. 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 (0.8777). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.8908).

On the four-hour chart we can see a correction of the upward movement. On the daily chart the Bullish trend is still strong. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (0.8908) line and Stop Loss at the level of Kijun-sen line (0.8777).