HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Look to sell again higher

Trade Idea : GBP/USD – Look to sell again higher

GBP/USD – 1.2682

Most recent candlesticks pattern   : N/A

Trend                                 : Near term down

Tenkan-Sen level                 : 1.2668

Kijun-Sen level                    : 1.2704

Ichimoku cloud top              : 1.2807

Ichimoku cloud bottom        : 1.2724

New strategy  :

Look to sell again higher

Position : –

Target :  –

Stop : –

As the British pound has recovered after holding above indicated support at 1.2635, retaining our view that further consolidation would be seen and test of the Kijun-Sen (now at 1.2704) cannot be ruled out, above there would bring corrective bounce to 1.2735-45, however, still reckon upside would be limited to 1.2780 and price should falter below 1.2805-10, bring another decline later.

Below said support at 1.2635 would confirm recent decline has resumed for weakness to 1.2616 (previous resistance turned support) and possibly towards 1.2575-80 but reckon downside would be limited to 1.2550. As near term outlook is mixed, would be prudent to stand aside for now.

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