Candlesticks Intraday

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


GBP/USD - 1.2983

Most recent candlesticks pattern   : N/A

Trend                                 : Near term down

Tenkan-Sen level                 : 1.2983

Kijun-Sen level                    : 1.2984

Ichimoku cloud top              : 1.3005

Ichimoku cloud bottom        : 1.2995

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.