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GBP/CAD: Ichimoku Indicators Analysis 24 Feb 2021

GBP/CAD: Ichimoku Indicators Analysis 24 Feb 2021

GBP/CAD: H4

 Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. 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 (1.7652). The closest resistance level is Tenkan-sen line (1.7980).

 GBP/CAD: D1 

On the daily chart Tenkan-sen line is above Kijun-sen, both lines are directed upwards. 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 (1.7186). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.8418). 

It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (1.7980) line and Stop Loss at the level of Kijun-sen line (1.7652). 

Scenario 

Timeframe: Intraday

Recommendation: Buy

Entry Point: 1.7763

Take Profit: 1.7980

Stop Loss: 1.7652

Key Levels: 1.7186, 1.7652, 1.7980, 1.8418.

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