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Forex: Ichimoku Clouds. Review of GBP/USD

GBP/USD, H4

On the four-hour chart Tenkan-sen is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Chinkou Span line is above the price chart, current Kumo is ascending. The closest support level is Tenkan-sen line (1.6324). One of the previous maximums of Chinkou Span line is expected to be a resistance level at 1.6414.

GBP/USD, D1

Let’s look at the daily chart. Tenkan-sen line is above Kijun-sen and they are both directed upwards. Chinkou Span line is above the price chart, current Kumo-cloud is ascending. Tenkan-sen line is the closest support level at 1.6217. One of the previous maximums of Chinkou Span line is expected to be a resistance level at 1.6542.

Key levels

Support levels:  1.6324, 1.6217.

Resistance levels:  1.6414, 1.6542.

Trading tips

Both charts indicate the continuation of the upward trend. Targets for the long positions are 1.6414, 1.6542.

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Friday, 29 Nov, 2013 / 9:20

Source : https://www.liteforex.com/

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