GBP/USD has been corrected under the red and the blue lines and the next obstacle on its way down

February 10, 2015

GBP/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, forming a signal to sell. Chinkou Span line is approaching the price chart from above; current Kumo-cloud is ascending. The pair has been corrected under the red and the blue lines and the next obstacle on its way down will be the upper border of the cloud (1.5120). The closest resistance level is Tenkan-sen line (1.5234).

GBP/USD, D1

On the daily chart we can see an opposite situation. Tenkan-sen line has crossed Kijun-sen from below, froming a signal to buy. Chinkou Span line is crossing the price chart from below, current cloud is descending. The pair has broken through Kijun-sen line, Tenkan-sen line becomes the closest support level (1.5329). The next resistance will be the lower border of the cloud (1.5368).

Key levels

Support levels: 1.5120, 1.5170.

Resistance levels: 1.5234, 1.5368.

Trading tips

The charts are controversial. It is recommended to open short-term sell positions with targets at 1.5170 and middle-term buy positions with targets at 1.5368.

Publication source
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