Technical Analytics Report

GBP/CAD: Ichimoku Indicators Analysis 12 Feb 2021

 

GBP/CAD: H4 

Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is going to reverse from descending to ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. One of the previous minimums of Chikou Span line is expected to be a support level (1.7503). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.7583). 

GBP/CAD: D1 

On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.7442). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.7663).

 On the four-hour chart we can see a correction of the upward movement. On the daily chart we can see a correction of the upward movement. It is recommended to open long positions at current price with the target at the level of previous maximum of Chikou Span line (1.7671) and Stop Loss at the upper border of the cloud (1.7495).

 Scenario

 Timeframe: Intraday

Recommendation: Buy

Entry Point: 1.7546

Take Profit: 1.7671

Stop Loss: 1.7495

Key Levels: 1.7442, 1.7503, 1.7583, 1.7663

 

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