Candlesticks Intraday

Trade Idea Update: GBP/USD - Sell at 1.3595

Typography

GBP/USD - 1.3501


Original strategy :

Sell at 1.3595, Target: 1.3480, Stop: 1.3630

Position : -

Target :  -

Stop : -


New strategy  :

Sell at 1.3595, Target: 1.3480, Stop: 1.3630

Position : -

Target :  -

Stop : -


Although the British pound resumed recent rise and rose to as high as 1.3658, lack of follow through buying and the subsequent sharp retreat suggest top is possibly formed there and consolidation with mild downside bias is seen, below 1.3450 would bring further fall towards 1.3400-05 (50% Fibonacci retracement of 1.3153-1.3658), however, near term oversold condition should prevent sharp fall below 1.3345-50 (61.8% Fibonacci retracement) and previous resistance at 1.3329 should remain intact.

In view of this, we are looking to sell cable on recovery as 1.3590-00 should limit upside. Above 1.3620 would risk retest of said yesterday’s high at 1.3658 but only break there would revive bullishness and extend recent upmove to 1.3690-00 later.