Forex: Ichimoku Clouds. Review of GBP/USD on 25.09.2014

September 25, 2014

GBP/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, they are both directed downwards. Chinkou Span line is below the price chart; current Kumo-cloud is still ascending.  The price has broken down Tenkan-sen and Kijun-sen lines and entered the cloud, borders of which have become support (1.6288) and resistance (1.6343) levels.

GBP/USD, D1

On the daily chart Tenkan-sen and Kijun-sen lines have almost merged and can soon form a trend reversal pattern. Chinkou Span line is below the price chart, current cloud is descending. Tenkan-sen line is the closest resistance level (1.6343). One of the previous minimums of Chinkou Span line is expected to be a support level at (1.6106).

Key levels

Support levels: 1.6288, 1.6106.

Resistance levels: 1.6343.

Trading tips

On the four-hour chart the pair has entered the cloud, it is not recommended to open new positions at current price. Strong resistance level emerged on both charts, so we can assume the price will break down the lower border of the cloud. Pending sell orders should be placed below 1.6288 with targets at 1.6106.

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