Trade Idea Wrap-up: GBP/USD – Stand aside

GBP/USD – 1.3387

Most recent candlesticks pattern   : N/A

Trend                                 : Sideways

Tenkan-Sen level                 : 1.3378

Kijun-Sen level                    : 1.3365

Ichimoku cloud top              : 1.3377

Ichimoku cloud bottom        : 1.3371

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

* FINAL UPDATE, HOPE TO SEE U ALL AGAIN SOON ! *

As the British pound found support at 1.3332 yesterday and rebounded, retaining our view that further consolidation would be seen, however, reckon downside would be limited to support at 1.3331-32, bring another rebound. Only a drop below 1.3331 would signal the rebound from 1.3302 has ended and revive bearishness for a retest of 1.3302 first, break there would extend weakness towards 1.3265-70.

On the upside, whilst recovery to 1.3400 cannot be ruled out, reckon upside would be limited to said resistance at 1.3420 and bring another retreat later. Above 1.3420 would extend the rebound from 1.3302 to 1.3445-50, however, reckon indicated resistance at 1.3466 would hold from here, bring retreat later. As near term outlook is still mixed, would be prudent to stand aside for now.