HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Sell at 1.3225

Trade Idea : GBP/USD – Sell at 1.3225

GBP/USD – 1.3187

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.3181

Kijun-Sen level                    : 1.3221

Ichimoku cloud top              : 1.3282

Ichimoku cloud bottom        : 1.3259

Original strategy :

Sell at 1.3225, Target: 1.3125, Stop: 1.3260

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.3225, Target: 1.3125, Stop: 1.3260

Position : –

Target :  –

Stop : –

Yesterday’s selloff after meeting renewed selling interest at 1.3287 adds credence to our view that top has been formed at 1.3338 late last week and consolidation with downside bias remains for this move to extend further weakness to 1.3150, then towards support at 1.3121, however, break of latter level is needed to retain bearishness and bring further subsequent decline to 1.3090-00.

In view of this, wee are looking to sell cable on recovery as previous support at 1.3225 should turn into resistance and limit upside, bring another decline later. Above 1.3250-60 would risk another test of said resistance at 1.3287 but only break there would signal low is formed instead, bring rebound to 1.3300 and possibly test of resistance at 1.3312. 

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