Trade Idea : GBP/USD – Sell again here

GBP/USD – 1.3140

Most recent candlesticks pattern   : N/A

Trend                                 : Near term down

Tenkan-Sen level                 : 1.3139

Kijun-Sen level                    : 1.3126

Ichimoku cloud top              : 1.3132

Ichimoku cloud bottom        : 1.3125

Original strategy :

Sold at 1.3175, stopped profit at 1.3155

Position : – Short at 1.3175

Target :  –

Stop : – 1.3155

New strategy  :

Sell at market level, Target: 1.3040, Stop: 1.3175

Position : –

Target :  –

Stop : –

Although the British pound rebounded to 1.3166 yesterday and further choppy trading would be seen, as outlook remains consolidative, reckon upside would be limited and bring another decline, below 1.3085 would suggest the rebound from 1.3039 has ended, bring further fall to 1.3055-60, then retest of support at 1.3039. Looking ahead, only a drop below 1.3027 low would confirm early downtrend has resumed for weakness to psychological support at 1.3000, then towards 1.2970-75.  

In view of this, we are looking to sell again here for such decline. Only above 1.3175-80 would abort and risk gain to 1.3200, break there would prolong choppy trading, bring a stronger rebound to 1.3235-40 first.