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Candlesticks Intraday

Trade Idea Wrap-up: GBP/USD - Buy at 1.2310

Typography

GBP/USD - 1.2372


Most recent candlesticks pattern   : N/A

Trend                                 : Near term up


Tenkan-Sen level                 : 1.2401

Kijun-Sen level                    : 1.2399

Ichimoku cloud top              : 1.2362

Ichimoku cloud bottom        : 1.2292


Original strategy :

Buy at 1.2310, Target: 1.2435, Stop: 1.2275

Position : -

Target :  -

Stop : -


New strategy  :

Buy at 1.2310, Target: 1.2435, Stop: 1.2275

Position : -

Target :  -

Stop : -


As cable has retreated after intra-day brief rise to 1.2436, suggesting consolidation below this level would be seen and pullback to support at 1.2335 cannot be ruled out, however, reckon downside would be limited to 1.2310 (previous resistance now support) and bring another rise later, above said resistance at 1.2436 would extend recent upmove from 1.2109 (this month’s low) to 1.2450 but loss of near term momentum should prevent sharp move beyond previous resistance at 1.2479, risk from there has increased for a retreat to take place later.

In view of this, would not chase this move from here and we are looking to buy cable on pullback as said previous resistance at 1.2310 should limit downside and bring another rise. Below 1.2270-75 (50% Fibonacci retracement of 1.2109-1.2436) would defer and suggest top is possibly formed, risk correction to 1.2241 support.

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Author: Action Forex
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