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 still descending. The pair is being corrected after an abrupt fall, however Tenkan-sen line is still a resistance level (4.4409). One of the previous minimums of Chinkou Span line is expected to be a support level at 4.3500.

Forex: Ichimoku Clouds. Review of GBP/TRY


On the daily chart Tenkan-sen line is also below Kijun-sen, however, both lines are directed downwards. Chinkou Span line is below the price chart, current cloud has reversed from ascending to descending. The pair has entered the cloud and is moving towards its lower border (4.4078). The resistance level will be Tenkan-sen line (4.4669).

Forex: Ichimoku Clouds. Review of GBP/TRY

Key levels

Support levels: 4.4078, 4.3500.

Resistance levels: 4.4409, 4.4669.

Trading tips

On the four-hour chart the pair is being corrected upwards, however on the daily chart Bearish trend is still strong. It’s a good opportunity to open new short trades at current price with take-profits at 4.3500 and stop-losses at 4.4200.












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