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 descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (1.6728). The closest resistance level is Kijun-sen line (1.6868).
On the daily chart Tenkan-sen and Kijun-sen lines have merged, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. One of the previous minimums of Chikou Span line is expected to be a support level (1.6618). Merged Tenkan-sen and Kijun-sen lines have become a strong resistance level (1.6876).
On the both charts the instrument is still falling. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (1.6630) and Stop Loss at the level of Kijun-sen line (1.6868).
British Pound vs Canadian Dollar
| Buy | Sell | Spread |
| 1.8515 | 1.85008 | 142 |
Scenario
| Time frame | Day's Range |
| Recommendations | SELL |
| Entry Point | 1.6803 |
| Take Profit | 1.6630 |
| Stop Loss | 1.6868 |
| Support levels | 1.6618, 1.6728, 1.6876, 1.6868 |
Alternative scenario
| Recommendations | |
| Entry Point | |
| Take Profit | |
| Stop Loss | |
| Support levels |
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