TECHNICAL ANALYSIS


FX


while the resis t ance lev els lie at 1.2032 (We ekly Kijun- S en) and at 1.2228 (Monthly Kumo top).


GBP/USD Figure 4: GBPUSD Monthly


The GBPUSD was quit e undecided dur ing the l a st thr ee months. On the Monthly cha rt it wa s moving without


any definite


di rection betwe en the thin Kumo cloud and the fla t Ki jun-l e vel .


Figure 5: GBPUSD Weekly


On the We ekly cha rt, the di r e ction was simil a r. Af t er forming a double - top pat tern dur ing the first qua r t er of the year, the pr ice fell below the Kijun supp ort level in April and s t a r t ed to slowly move closer the Kumo until it reached the top of it in June.


Figure 6: GBPUSD Daily


it. At the moment the Daily chart shows a clearly bearish picture while the We ekly and Monthly cha r ts ar e


mix e d. The ma in supp or t le vels are 1.1200 (We ekly Kumo bottom) and 1.1448 (Monthly Kijun- S en lev el ),


On the Daily GBPUSD cha rt the pr ice performed a success ful bearish Kumo brea kout at the end of April and cont inued its way down until it reached the 1.3200 le v el


at the end of


May. It bounced back a bit, touched the Kijun-Sen line then cont inued the bearish movement to the 1.3100 le vel in June.


FX TRADER MAGAZINE July - September 2018 37


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