Technical analysis GBPCAD for 07.09.2022

The Tenkan-sen line crosses bottom upward the Kijun-sen line. Red is directed upwards, while blue remains horizontal. 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 1.51840. The closest support is the top of the cloud

Key levels

• 1.52890, 1.52370, 1.51840, 1.50960, 1.50310, 1.49670

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.51840, with Take Profit of 1.52370 and Stop Loss of 1.51350

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.50960, with Take Profit of 1.50310 and Stop Loss of 1.51350