Technical analysis GBPCAD for 07.06.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.57600. The closest support is the level 1.56390

Key levels

• 1.58700, 1.58140, 1.57600, 1.56390, 1.55850, 1.55130

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.57600, with Take Profit of 1.58140 and Stop Loss of 1.57000

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.56390, with Take Profit of 1.55850 and Stop Loss of 1.57000