HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Buy at 1.2865

Trade Idea : GBP/USD – Buy at 1.2865

GBP/USD – 1.2905

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.2925

Kijun-Sen level                    : 1.2931

Ichimoku cloud top              : 1.2976

Ichimoku cloud bottom        : 1.2956

Original strategy :

Buy at 1.2865, Target: 1.3000, Stop: 1.2830

Position : – 

Target :  –

Stop : –

New strategy  :

Buy at 1.2865, Target: 1.3000, Stop: 1.2830

Position : –

Target :  –

Stop : –

Although the British pound has remained under near term downward pressure and initial downside risk remains for the corrective fall from 1.3030 (last week’s high) to bring retracement of recent upmove to 1.2880-85 (38.2% Fibonacci retracement of 1.2640-1.3030), reckon downside would be limited to 1.2865-70 and bring another upmove later, above 1.2960 would signal low is formed, bring rebound to 1.3000 but break of said resistance at 1.3030 is needed to signal recent upmove has resumed and extend further gain towards recent high 1.3048. 

In view of this, we are looking to buy cable again on further corrective fall as previous resistance at 1.2861 should turn into support and contain downside, bring another rise. Below 1.2830-35 (50% Fibonacci retracement of 1.2640-1.3030) would abort and signal top is formed, bring further fall towards support at 1.2794.

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