HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: GBP/USD - Buy at 1.3490

Trade Idea Wrap-up: GBP/USD – Buy at 1.3490

GBP/USD – 1.3588

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.3507

Kijun-Sen level                    : 1.3481

Ichimoku cloud top              : 1.3263

Ichimoku cloud bottom        : 1.3263

Original strategy :

Buy at 1.3490, Target: 1.3600, Stop: 1.3455

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.3490, Target: 1.3600, Stop: 1.3455

Position : –

Target :  –

Stop : –

Although cable has eased after intra-day rally to 1.3617 and minor consolidation below this level would be seen and pullback to 1.3510-20 is likely, reckon 1.3490 would limit downside and bring another rise later, above said resistance at 1.3617 would extend recent upmove to 1.3650 and possibly towards 1.3675 but upside should be limited to 1.3700-10, bring retreat later.

In view of this, would not chase this rise here and would be prudent to buy cable on pullback as the Kijun-Sen (now at 1.3481) should limit downside. Below 1.3450-60 would defer and suggest an intra-day top is formed instead, risk correction to 1.3420, then 1.3400.

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