EUR/GBP: Ichimoku clouds2017-03-21 06:53 (GMT+2) EUR/GBP | trading

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 ascending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (0.8670). The closest resistance level is the lower border of the cloud (0.8732).

On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is the upper border of the cloud (0.8610). The closest resistance level is Tenkan-sen line (0.8722).

Recommendation

On the four-hour chart the instrument is trading within the cloud. On the daily chart the Bullish trend is still strong. It is not recommended to open positions at current price. Pending orders should be placed at the cloud’s borders: sell at the level of 0.8670, with Take Profit at 0.8600 and Stop Loss at 0.8732; buy at the level of 0.8732, with Take Profit at 0.8922 and Stop Loss at 0.8670.

Scenario

Timeframe Weekly
Recommendation SELL STOP
Entry Point 0.8670
Take Profit 0.8600
Stop Loss 0.8732
Key Levels 0.8610 0.8670 0.8722 0.8732

Alternative scenario

Recommendation BUY STOP
Entry Point 0.8732
Take Profit 0.8922
Stop Loss 0.8670
Key Levels 0.8610 0.8670 0.8722 0.8732
 The Euro/Pound represents a cross between two biggest economies in Europe – the Euro-zone and the United Kingdom. Given the economic proximity and interdependence between the two, the pair is significantly less volatile than many other Euro or Pound based crosses. The pair is particularly sensitive to changes in monetary policy between the Bank of England and European Central Bank.
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