Candlesticks Intraday

Trade Idea : GBP/USD - Sell at 1.3285

Typography

GBP/USD - 1.3215


Most recent candlesticks pattern   : N/A

Trend                                 : Near term down


Tenkan-Sen level                 : 1.3210

Kijun-Sen level                    : 1.3193

Ichimoku cloud top              : 1.3165

Ichimoku cloud bottom        : 1.3155


Original strategy :

Sell at 1.3285, Target: 1.3155, Stop: 1.3320

Position : -

Target :  -

Stop : -


New strategy  :

Sell at 1.3285, Target: 1.3155, Stop: 1.3320

Position : -

Target :  -

Stop : -


As cable found renewed buying interest at 1.3158 yesterday and has risen again, adding credence to our view that a temporary low was formed at 1.3088 late last week, hence near term upside risk remains for this move to extend gain to 1.3240-45 (61.8% Fibonacci retracement of 1.3338-1.3088), however, price should falter below indicated resistance at 1.3287 and bring retreat later, below said support at 1.3158 would signal the rebound from 1.3088 has ended, brig weakness to 1.3125-30, break there would bring retest of said support at 1.3088, a drop below there would extend the fall from 1.3338 to 1.3050, then towards recent low at 1.3027.

In view of this, wee are looking to sell cable on further subsequent recovery as resistance at 1.3287 should limit upside and bring another decline later. Only above 1.3312 resistance would abort and extend further gain to said recent high at 1.3338 which is likely to hold from here.