Technical analysis GBPCAD for 19.10.2022

The Tenkan-sen line is located above the Kijun-sen line. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is traded between Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.56150. The closest support is the level 1.54910

Key levels

• 1.58100, 1.57220, 1.56150, 1.54910, 1.54200, 1.53360

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.56150, with Take Profit of 1.57220 and Stop Loss of 1.55500

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.54910, with Take Profit of 1.54200 and Stop Loss of 1.55500