HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: GBP/USD - Buy at 1.3125

Trade Idea Wrap-up: GBP/USD – Buy at 1.3125

GBP/USD – 1.3185

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.3198

Kijun-Sen level                    : 1.3195

Ichimoku cloud top              : 1.3158

Ichimoku cloud bottom        : 1.3124

Original strategy :

Buy at 1.3125, Target: 1.3225, Stop: 1.3090

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.3125, Target: 1.3225, Stop: 1.3090

Position : –

Target :  –

Stop : –

Last week’s rally to 1.3224 adds credence to our bullish view that recent upmove from 1.2774 is still in progress and upside bias remains for further gain to 1.3225-30, then towards 1.3250, however, loss of near term upward momentum should prevent sharp move beyond latter level and price should falter below recent high at 1.3269, bring retreat later.

In view of this, would not chase this rise at current level and would be prudent to buy cable on subsequent pullback as 1.3120-25 should limit downside. Only below 1.3082 (previous resistance turned support) would abort ad suggest top is possibly formed, risk test of 1.3062 but reckon support at 1.3033 would hold.

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