HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: GBP/USD - Hold long entered at 1.2215

Trade Idea Wrap-up: GBP/USD – Hold long entered at 1.2215

GBP/USD – 1.2225

Most recent candlesticks pattern   : N/A

Trend                                 : Near term down

Tenkan-Sen level                 : 1.2218

Kijun-Sen level                    : 1.2194

Ichimoku cloud top              : 1.2165

Ichimoku cloud bottom        : 1.2165

Original strategy :

Bought at 1.2215, Target: 1.2320, Stop: 1.2180

Position : – Long at 1.2215

Target :  – 1.2320

Stop : – 1.,2180

New strategy  :

Hold long entered at 1.2215, Target: 1.2320, Stop: 1.2180

Position : – Long at 1.2215

Target :  – 1.2320

Stop : – 1.2180

Current rally above indicated resistance at 1.2195 suggests a temporary low is possibly formed at 1.2135 last week and consolidation with upside bias is seen for retracement of recent decline, hence further gain to 1.2260-65 (38.2% Fibonacci retracement of 1.2471-1.2135) would be seen, however, break of 1.2301-03 (previous resistance and 50% Fibonacci retracement) is needed to signal low is formed, bring a stronger rebound to 1.2340-45 (61.8% Fibonacci retracement) later.

In view of this, we are holding on to our long position entered at 1.2215. Below the Kijun-Sen (now at 1.2194) would defer and risk weakness to 1.2170 but said support at 1.2135 should hold. Only break there would abort and signal recent decline has resumed and extend weakness to 1.2100.

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