Candlesticks Intraday

Trade Idea Update: GBP/USD - Stand aside


GBP/USD - 1.2884

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.2922

Kijun-Sen level                    : 1.2924

Ichimoku cloud top              : 1.2927

Ichimoku cloud bottom        : 1.2926

New strategy  :

Stand aside

Position : -

Target :  -

Stop : -

The British pound has slipped again after meeting renewed selling interest at 1.2984 and broke below previous support at 1.2893, suggesting top has been formed at 1.3030, hence consolidation with downside bias remains for retracement of recent upmove and weakness to 1.2850, then 1.2830-35 (50% Fibonacci retracement of 1.2640-1.3030) but reckon 1.2789-94 (61.8% Fibonacci retracement and previous support) would hold from here.

In view of this, would not chase this fall here and would be prudent to stand aside for now. Above 1.2920-25 would brig recovery to 1.2950 but only break of 1.2984 would signal the pullback from 1.3030 has ended, bring subsequent retest of this level possibly next week.