GBP/USD: Ichimoku Clouds Review
LiteForex Europe | Dec 29, 2014 10:20AM ET
GBP/USD, H4
Let’s look at the four-hour chart. Tenkan-Sen line is below Kijun-Sen - they are both horizontal. Chinkou Span line is below the price chart; current Kumo-cloud is descending. The closest support level is Tenkan-Sen line (1.5560). Flat Kijun-Sen line (1.5575) won’t let the pair go higher.
GBP/USD, D1
On the daily chart Tenkan-Sen line is also below Kijun-Sen and both lines are horizontal, however, the correction of downward movement hasn’t reached the red line. Chinkou Span line is below the price chart, current cloud is descending. Tenkan-Sen line is the closest resistance level (1.5635). One of the previous minimums of Chinkou Span line is expected to be a support level (1.5465).
Support levels: 1.5560, 1.5520, 1.5465.
Resistance levels: 1.5575, 1.5635.
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