GBP/TRY, H4

Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, they are both horizontal. Chinkou Span line is crossing the price chart from below; current Kumo-cloud is descending. The pair has entered the cloud and is trading around its lower border. Tenkan-sen line becomes a support level (4.5059). The target for the upward movement may be the upper border of the cloud at 4.5462.

Forex: Ichimoku Clouds. Review of GBP/TRY

GBP/TRY, D1

On the daily chart we can see an opposite situation. Tenkan-sen line is below Kijun-sen, they are both horizontal. Chinkou Span line is below the price chart, current cloud is ascending. The pair has entered the cloud and is moving towards its lower border (4.3911). The resistance level will be Tenkan-sen line (4.5282).

Forex: Ichimoku Clouds. Review of GBP/TRY

Key levels

Support levels: 4.5059, 4.3911.

Resistance levels: 4.5282, 4.5462.

Trading tips

On the both charts the pair is trading within the cloud, it is not recommended to open new positions at current price. Pending buy orders can be placed at 4.5500 with take profits at 4.5903 and stop-loss at 4.5300.

 

 

 

 




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