Published On: Thu, Mar 16th, 2017

GBP/TRY: Ichimoku clouds

InstaForex
Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (4.4510). The closest resistance level is Tenkan-sen line (4.5000). On the daily chart Tenkan-sen and Kijun-sen lines have merged, both lines are directed downwards. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has broken down the cloud and is still falling. One of the previous minimums of Chikou Span line is expected to be a support level (4.2800). Merged Tenkan-sen and Kijun-sen lines have become a strong resistance level (4.5325).
On the four-hour chart the instrument is still rising. On the daily chart the instrument has broken down the cloud, forming a strong signal to sell. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (4.4510) and Stop Loss at the level of Kijun-sen line (4.5000).

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