Let's look at the four-hour chart. Tenkan-sen and Kijun-sen lines have merged, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading around upper border of the cloud. The closest support level is Tenkan-sen line (1.2227). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.2423).
On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains 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 the lower border of the cloud (1.2107). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.2346).
On the four-hour chart the instrument is still rising. On the daily chart we can see a correction of the downward movement. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (1.2423) line and Stop Loss at the level of Kijun-sen line (1.2227).
British Pound vs Swiss Franc
| Buy | Sell | Spread |
| 1.09927 | 1.09729 | 198 |
Scenario
| Time frame | Weekly |
| Recommendations | BUY |
| Entry Point | 1.2278 |
| Take Profit | 1.2423 |
| Stop Loss | 1.2227 |
| Support levels | 1.2107, 1.2227, 1.2346, 1.2423 |
Alternative scenario
| Recommendations | |
| Entry Point | |
| Take Profit | |
| Stop Loss | |
| Support levels |
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