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Trade Idea Wrap-up: GBP/USD – Stand aside

GBP/USD – 1.2157

Most recent candlesticks pattern   : N/A

Trend                                 : Near term down

Tenkan-Sen level                 : 1.2174

Kijun-Sen level                    : 1.2177

Ichimoku cloud top              : 1.2242

Ichimoku cloud bottom        : 1.2222

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Although cable has fallen again after brief recovery and near term downside risk remains for recent decline to extend further weakness to 1.2120-25 (50% projection of 1.2479-1.2214 measuring from 1.2301), loss of near term downward momentum should prevent sharp fall below 1.2100 and reckon 1.2070-75 would hold from here, risk from there has increased for a rebound to take place later.

In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above 1.2180-85 would bring test of 1.2210-15, however, break there is needed to signal an intra-day low is formed, bring correction to 1.2245-55 but price should falter well below resistance at 1.2301 and bring another selloff.

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