Trade Idea Wrap-up: GBP/USD – Hold long entered at 1.3375

Due to holidays, next update will be posted on Oct 9.

GBP/USD – 1.3399

Most recent candlesticks pattern   : N/A

Trend                                 : Near term down

Tenkan-Sen level                 : 1.3388

Kijun-Sen level                    : 1.3403

Ichimoku cloud top              : 1.3416

Ichimoku cloud bottom        : 1.3393

Original strategy :

Bought at 1.3375, Target: 1.3475, Stop: 1.3340

Position : – Long at 1.3375

Target :  – 1.3475

Stop : – 1.3340

New strategy  :

Hold long entered at 1.3375, Target: 1.3475, Stop: 1.3340

Position : – Long at 1.3375

Target :  – 1.3475

Stop : – 1.3340

Although cable retreated after meeting resistance at 1.3455 and initial downside risk is seen, as long as support at 1.3343 holds, mild upside bias remains for another rebound, above said resistance would extend the rebound from 1.3343 to 1.3470 (50% Fibonacci retracement of 1.3596-1.3345), however, reckon resistance at 1.3514 would limit upside and price should falter well below resistance at 1.3571, bring another decline later.

In view of this, we are holding on to our long position entered at 1.3375. Only below said support at 1.3343 would abort and signal the selloff from 1.3658 top has resumed and extend weakness to previous resistance at 1.3329, then towards 1.3300.