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.

Publication source
LiteForex information  LiteForex reviews

January 20, 2017
Advance in inflation across the Eurozone
Euro holds gains against the US Dollar ahead of the ECB rate decision, as majority of economists expect no major updates in the policy, while investors will be taking stock of Draghi rhetoric’s to foresee the timeframe of the next big move by the policymakers...
January 20, 2017
US oil inventory draw gave a temporally support for oil prices
Oil prices remained in red figures after Wednesday's bearish acceleration. Brent a little changed on the day and remained prone to more weakness on Thursday. The benchmark stayed neutral around 54.50 dollars per barrel flirting with the level during the European session...
January 20, 2017
Pound gives up gains
The British pound has pulled back sharply today after making its biggest 1day gain in nearly 20 years’ yesterday, as fears once again crept in about where Brexit will lead to...

OctaFX Rating
EXNESS Rating
Grand Capital Rating
Trade360 Rating
FIBO Group Rating
XTB Rating

365BinaryOption Rating
First Binary Option Service Rating
OptionTrade Rating
GTOptions Rating
Migesco Rating
Dragon Options Rating