GBP/CAD: Ichimoku clouds 24 June 2019, 21:03

GBP/CAD: Ichimoku clouds

24 June 2019, 21:03

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	1.6802
Take Profit	1.6755
Stop Loss	1.6866
Key Levels	1.6717 1.6755 1.6815 1.6866

Let's look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.6717). The closest resistance level is the upper border of the cloud (1.6815).



On the daily chart Tenkan-sen line is below Kijun-sen, the blue line is directed downwards, while the red one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. One of the previous minimums of Chikou Span line is expected to be a support level (1.6755). The closest resistance level is the upper border of the cloud (1.6866).

On the four-hour chart we can see the beginning of the trend reversal. On the daily chart the Bearish trend is still strong. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (1.6755) and Stop Loss at the lower border of the cloud (1.6866).