HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: GBP/USD - Hold long entered at 1.2855

Trade Idea Wrap-up: GBP/USD – Hold long entered at 1.2855

GBP/USD – 1.2877

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.2886

Kijun-Sen level                    : 1.2895

Ichimoku cloud top              : 1.2929

Ichimoku cloud bottom        : 1.2916

Original strategy :

Bought at 1.2855, Target: 1.2955, Stop: 1.2820

Position : – Long at 1.2855

Target :  – 1.2955

Stop : – 1.2820

New strategy  :

Hold long entered at 1.2855, Target: 1.2955, Stop: 1.2820

Position : – Long at 1.2855

Target :  – 1.2955

Stop : – 1.2820

Although cable has dropped again after brief recovery and near term downside risk remains for the fall from 1.2979 (this week’s high) to extend marginal weakness, reckon downside would be limited to 1.2850-52 (61.8% Fibonacci retracement of 1.2774-1.2979) and bring rebound later, above 1.2935-40 would signal the retreat from 1.2979 has ended, bring retest of this level first.

In view of this, we are holding on to our long position entered at 1.2855. Below previous resistance at 1.2837 would defer and signal first leg of upmove from 1.2774 has ended, risk weakness to support at 1.2813 but price should stay well above support at 1.2774, bring another rebound later. 

Featured Analysis

Learn Forex Trading