HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: GBP/USD - Buy at 1.2945

Trade Idea Wrap-up: GBP/USD – Buy at 1.2945

GBP/USD – 1.3006

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.2992

Kijun-Sen level                    : 1.2991

Ichimoku cloud top              : 1.2934

Ichimoku cloud bottom        : 1.2922

Original strategy :

Buy at 1.2945, Target: 1.3045, Stop: 1.2910

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.2945, Target: 1.3045, Stop: 1.2910

Position : –

Target :  –

Stop : –

Cable’s intra-day rally above indicated psychological resistance at 1.3000 confirms recent upmove has resumed and bullishness is seen for further gain to 1.3050, then 1.3075-80, however, near term overbought condition should prevent sharp move beyond 1.3100-10, risk from there has increased for a retreat to take place later.

In view of this, would not chase this rise here and would be prudent to buy cable on pullback as support at 1.2933 should limit downside and bring another upmove. Below 1.2900-10 would abort and signal top is formed instead, bring weakness towards support at 1.2866, however, price should stay above said support at 1.2844. 

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