GBP/TRY, H4

Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, they are both directed downwards. Chinkou Span line is below the price chart; current Kumo-cloud is still descending. The pair starts to fall again after correction. The closest resistance level is Tenkan-sen line (4.3576). One of the previous minimums of Chinkou Span line is expected to be a support level at 4.3315.

Forex: Ichimoku Clouds. Review of GBP/TRY

GBP/TRY, D1

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 (4.3797) and Kijun-sen (4.3886) 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: 4.3315, 4.3074.

Resistance levels: 4.3576, 4.3797, 4.3886.

Trading tips

On the four-hour chart the pair resumes downward movement. Short trades can be opened at current price with targets at 4.3315 and stop-losses at 4.3550.




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