Trade Idea : GBP/USD – Stand aside

GBP/USD – 1.3490

Most recent candlesticks pattern   : N/A

Trend                                 : Up

Tenkan-Sen level                 : 1.3477

Kijun-Sen level                    : 1.3501

Ichimoku cloud top              : 1.3523

Ichimoku cloud bottom        : 1.3515

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

As cable has recovered after falling to 1.3432 yesterday, suggesting consolidation above this level would be seen and corrective bounce to 1.3515-20 and 1.3530-35 cannot be ruled out, however, break of resistance at 1.3571 is needed to signal low has been formed there, bring test of 1.3596, once this level is penetrated, this would signal the correction from 1.3658 top has ended, bring subsequent gain to 1.3620-25 first. 

On the downside, below 1.3450 would signal the erratic fall from 1.3658 is still in progress for another test of said support at 1.3432, below there would bring retracement of recent rise towards 1.3400-05 (50% Fibonacci retracement of 1.3153-1.3658). As near term outlook is still mixed, would be prudent to stand aside for now.