Candlesticks Intraday

Trade Idea Update: GBP/USD - Stand aside

Typography

GBP/USD - 1.2995


Most recent candlesticks pattern   : N/A

Trend                                 : Near term down


Tenkan-Sen level                 : 1.2993

Kijun-Sen level                    : 1.2999

Ichimoku cloud top              : 1.3006

Ichimoku cloud bottom        : 1.2992


Original strategy :

Bought at 1.3000, stopped at 1.2965

Position : - Long at 1.3000

Target :  -

Stop : - 1.2965


New strategy  :

Stand aside

Position : -

Target :  -

Stop : -


Although cable fell marginally to 1.2952, lack of follow through selling and current rebound suggest further consolidation would take place and another bounce to 1.3025-30 cannot be ruled out, however, reckon upside would be limited to resistance at 1.3059 and price should falter below 1.3085-90 and bring another decline later.

On the downside, below support at 1.2952-53 would signal recent fall from 1.3269 top has resumed and extend weakness to previous chart support at 1.2933 but reckon 1.2900 would hold from here, risk from there has increased for a rebound to take place later.