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Candlesticks Intraday

Trade Idea : GBP/USD - Stand aside

Typography

GBP/USD - 1.2980


Most recent candlesticks pattern   : N/A

Trend                                 : Near term down


Tenkan-Sen level                 : 1.2986

Kijun-Sen level                    : 1.2983

Ichimoku cloud top              : 1.3003

Ichimoku cloud bottom        : 1.2996


New strategy  :

Stand aside

Position : -

Target :  -

Stop : -


Despite falling marginally to 1.2952 yesterday, lack of follow through selling and the subsequent rebound suggest further consolidation would take place and another bounce to 1.3025-30 cannot be ruled out, however, reckon upside would be limited to resistance at 1.3059 and price should falter below 1.3085-90 and bring another decline later.

On the downside, below support at 1.2952-53 would signal recent fall from 1.3269 top has resumed and extend weakness to previous chart support at 1.2933 but reckon 1.2900 would hold from here, risk from there has increased for a rebound to take place later. 

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Author: Action Forex
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