HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Stand aside

Trade Idea : GBP/USD – Stand aside

GBP/USD – 1.2984

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.2979

Kijun-Sen level                    : 1.2998

Ichimoku cloud top              : 1.2996

Ichimoku cloud bottom        : 1.2969

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Despite yesterday’s rise to 1.3043, as cable has retreated after faltering below indicated resistance at 1.3048 (last week’s high), retaining our view that further choppy trading below this level would be seen and pullback to 1.2950 cannot be ruled out, however, reckon downside would be limited to 1.2920-25 and said support at 1.2889 should remain intact, bring another rebound later.

On the upside, only a break of said resistance at 1.3048 would confirm recent upmove has resumed an extend further gain to 1.3075-80 and possibly towards 1.3100-10 later. As near term outlook is mixed, would be prudent to stand aside in the meantime.

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