The daily review of GBP/USD on May 16, 2018. Ichimoku Indicator

Source: Forex Analysis

GBP/USD

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Higher timeframes

The pound reached the daily target for the breakdown of the cloud (1.3516), the target margin was 1.3421 (100% level), along with this, a corrective reduction to the monthly Kijun (1,3502) was attained. The strength of the supports has provoked the current braking , which in the near future could develop into a day-to-day upward correction. An important resistance in this situation is the area of 1.3640 (weekly Fibo Kijun + monthly Tenkan). Reliable fastening above will allow you to consider the next upward guidance.

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H4-H1

The benchmarks for the high-seasons, as well as the targets for the breakdown of the H1 cloud, have been worked out, but despite the braking, the support of the Ichimoku indicator is maintained on the players side for a decline. As the next downward direction and support, the level of 100% of the day target’s work (1.3421) now stands. The important zone of resistance is located today at 1.3500 – 1.3516 – 1.3535. Reliable consolidation above will change the current balance of forces and form new upward guidance points on lower dimes (the target for the breakdown of cloud H1 + advance to the upper boundary of the cloud H4).

Indicator parameters:

All time intervals 9 – 26 – 52

Color of indicator lines:

Tenkan (short-term trend) – red,

Kijun (medium-term trend) – green,

Fibo Kijun is a green dotted line,

Chinkou is gray,

Clouds: Senkou Span B (SSB, long-term trend) – blue,

Senkou Span A (SSA) – pink.

Color of additional lines:

Support and resistance MN – blue, W1 – green, D1 – red, H4 – pink, H1 – gray,

Horizontal levels (not Ichimoku) – brown,

Trend lines – purple.

The material has been provided by InstaForex Company – www.instaforex.com