Candlesticks Intraday

Trade Idea Update: GBP/USD - Stand aside

Typography

GBP/USD - 1.3021


Original strategy :

Sold at 1.2990, stopped at 1.3025

Position : - Short at 1.2990

Target :  -

Stop : - 1.3025


New strategy  :

Stand aside

Position : -

Target :  -

Stop : -


Despite falling sharply from 1.3048 to 1.2889, the subsequent stronger-than-expected rebound has dampened our near term bearishness and gain to 1.3048 resistance (yesterday’s high) cannot be ruled out, however, break there is needed to signal recent upmove has resumed an extend further gain to 1.3075-80 and possibly towards 1.3100-10 later.

In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below 1.2955-60 would prolong consolidation and risk weakness to 1.2930-40 but said support at 1.2889 should remain intact and bring another rebound later.

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Author: Action Forex
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