Latest Trade Ideas

Candlesticks Intraday

Trade Idea : GBP/USD - Buy at 1.3230

Typography

GBP/USD - 1.3309


Most recent candlesticks pattern   : N/A

Trend                                 : Near term up


Tenkan-Sen level                 : 1.3299

Kijun-Sen level                    : 1.3243

Ichimoku cloud top              : 1.3182

Ichimoku cloud bottom        : 1.3174


Original strategy :

Buy at 1.3175, Target: 1.3275, Stop: 1.3140

Position : -

Target :  -

Stop : -


New strategy  :

Buy at 1.3230, Target: 1.3330, Stop: 1.3195

Position : -

Target :  -

Stop : -


As cable has continued moving higher after yesterday’s rally above resistance at 1.3269, adding credence to our bullish view that medium term upmove has resumed and upside bias remains for further gain to 1.3355-60 (61.8% projection of 1.2909-1.3224 measuring from 1.3161), however, loss of near term upward momentum should prevent sharp move beyond there and reckon 1.3390-00 would hold from here, risk from there has increased for a retreat to take place later. 

In view of this, would not chase this rise at current level and would be prudent to buy cable on subsequent pullback as previous resistance at 1.3224 (now support) should limit downside and bring another upmove. Below 1.3200 would defer and risk correction towards support at 1.3161 which is likely to hold from here.