TECHNICAL ANALYSIS
FX
the Monthly Kijun at around 1.150.
GBPUSD Retrospect While
the GBPUSD currency Figure 4: GBPUSD Monthly
pair ended 2017 in a bearish position, this suddenly changed with the new year when the price broke the Kijun-Sen resistance level right in January with a strong bullish candle. While the price is still moving below the Kumo and the Chikou is also below the major resistance levels,
the Tenkan-Sen also
performed a bullish Tenkan / Kijun cross which supports the change of the previous bearish trend.
Figure 5: GBPUSD Weekly
On the Weekly chart the trend direction is bullish since the beginning of 2018. The price is moving above the Kumo and the Kijun-Sen, the Tenkan-Sen is above the Kijun-Sen and even the Chikous Span is above all major Ichimoku lines.
Figure 6: GBPUSD Daily
Momently the future of the trend direction depends on whether the price can break out from the Monthly Kumo on
the upside with the support of Chikou Span or not. The major support levels are the Weekly Kijun-Sen at around 1.200 and
On the Daily timeframe the currency pair reflects the same picture. 2018 started with a clearly bullish trend, then the price moved back to the Kijun- Sen level on the 11th of January and bounced up from it with a significant bullish candle on the next day. The trend lasted until the beginning of February when – after forming a double-
FX TRADER MAGAZINE April - June 2018 47
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