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 within a sideways channel, borders of which are Tenkan-sen (4.3690) and Kijun-sen (4.3826) lines.

Forex: Ichimoku Clouds. Review of GBP/TRY


On the daily chart Tenkan-sen line is also below Kijun-sen, the lines are getting closer and can soon form trend reversal pattern. Chinkou Span line is below the price chart, current cloud is descending. The pair is consolidating after the fall, resistance levels will be Tenkan-sen (4.3868) and Kijun-sen (4.3974) lines. One of the previous minimums of Chinkou Span line is expected to be a support level at 4.3074.

Forex: Ichimoku Clouds. Review of GBP/TRY

Key levels

Support levels: 4.3690, 4.3074.

Resistance levels: 4.3826, 4.3868, 4.3974.

Trading tips

On the both charts the pair is being corrected, the signal to buy will be the breakthrough of the 4.3974 level. The target for the long positions is 4.4900, stop-loss – 4.3940. The scenario will no longer be relevant as soon as the price drops below 4.3500.












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