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