Published On: Fri, Mar 10th, 2017

GBP/TRY: Ichimoku clouds

InstaForex
Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Tenkan-sen line (1201.84). The closest resistance level is the upper border of the cloud (1208.35). On the daily chart Tenkan-sen line is crossing Kijun-sen from above, both lines are directed downwards. Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument is trading around upper border of the cloud. The closest support level is the upper border of the cloud (1191.81). The closest resistance level is Tenkan-sen line (1226.55).
On the four-hour chart the instrument is still falling. On the daily chart the Bearish trend is still strong. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (1197.74) and Stop Loss at the lower border of the cloud (1208.35).

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Forex Analysis

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>