Technical analysis GBPCAD for 17.08.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is traded between Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.55980. The closest support is the level 1.55180

Key levels

• 1.56790, 1.56410, 1.55980, 1.55180, 1.54750, 1.54310

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.55980, with Take Profit of 1.56410 and Stop Loss of 1.55550

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.55180, with Take Profit of 1.54750 and Stop Loss of 1.55550