HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: GBP/USD - Buy at 1.2400

Trade Idea Wrap-up: GBP/USD – Buy at 1.2400

GBP/USD – 1.2465

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.2419

Kijun-Sen level                    : 1.2407

Ichimoku cloud top              : 1.2397

Ichimoku cloud bottom        : 1.2342

Original strategy :

Buy at 1.2400, Target: 1.2500, Stop: 1.2365

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.2400, Target: 1.2500, Stop: 1.2365

Position : –

Target :  –

Stop : –

As cable has surged again in London morning and broke above previous resistance at 1.2436, confirming the rise from 1.2109 has resumed and bullishness remains for further gain to previous resistance at 1.2479, then 1.2500, however, near term overbought condition should prevent sharp move beyond 1.2540-50 and price should falter below previous chart resistance at 1.2570, risk from there has increased for a retreat to take place later.

In view of this, would not chase this move from here and we are looking to buy cable on pullback as 1.2400-10 should limit downside. Below 1.2380-85 would defer and risk correction to 1.2350 but support at 1.2335 should remain intact. 

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