Latest Trade Ideas

Candlesticks Intraday

Trade Idea Update: GBP/USD - Buy at 1.3195

Typography

GBP/USD - 1.3259


Original strategy :

Buy at 1.3230, Target: 1.3330, Stop: 1.3195

Position : -

Target :  -

Stop : -


New strategy  :

Buy at 1.3195, Target: 1.3295, Stop: 1.3160

Position : -

Target :  -

Stop : -


As cable has retreated after intra-day initial rise to 1.3229, suggesting consolidation below this level would be seen and pullback to 1.3224-28 support is likely, however, reckon downside would be limited to 1.3195-00 and bring another rise later, above 1.3300 would bring a retest of said resistance at 1.3229, break there would extend recent upmove to 1.3355-60 (61.8% projection of 1.2909-1.3224 measuring from 1.3161) but loss of near term upward momentum should prevent sharp move beyond there and reckon 1.3390-00 would hold. 

In view of this, would not chase this rise at current level and would be prudent to buy cable on subsequent pullback as 1.3195-00 should limit downside and bring another upmove. Below support at 1.3161 would defer and signal top has been formed, risk correction towards 1.3125-30 first.