Candlesticks Intraday

Trade Idea : GBP/USD - Stand aside

Typography

GBP/USD - 1.2959


Most recent candlesticks pattern   : N/A

Trend                                 : Near term up


Tenkan-Sen level                 : 1.2962

Kijun-Sen level                    : 1.2954

Ichimoku cloud top              : 1.2927

Ichimoku cloud bottom        : 1.2926


Original strategy :

Buy at 1.2865, Target: 1.3000, Stop: 1.2830

Position : - 

Target :  -

Stop : -


New strategy  :

Stand aside

Position : -

Target :  -

Stop : -


Although the British pound found support at 1.2893 earlier this week and has rebounded, above 1.3000 is needed to signal the pullback from 1.3030 (last week’s high) has indeed ended and bring retest of this level, break there would signal early upmove has resumed and extend further gain towards recent high 1.3048, only break there would retain bullishness and encourage for headway to 1.3080, then 1.3100-10. 

In view of this, would not chase this rise here and would be prudent to stand aside for now. Below 1.2920 would prolong consolidation, bring another test of said support at 1.2893, break there would signal temporary top has been formed at 1.3030, bring further corrective fall to previous resistance at 1.2861, then towards 1.2830-35 (50% Fibonacci retracement of 1.2640-1.3030).