Candlesticks Intraday

Trade Idea Wrap-up: GBP/USD - Target met and stand aside

Typography

GBP/USD - 1.3247


Most recent candlesticks pattern   : N/A

Trend                                 : Near term up


Tenkan-Sen level                 : 1.3241

Kijun-Sen level                    : 1.3228

Ichimoku cloud top              : 1.3215

Ichimoku cloud bottom        : 1.3197


Original strategy :

Bought at 1.3180, met target at 1.3280

Position : - Long at 1.3180

Target :  - 1.3280

Stop : -


New strategy  :

Stand aside

Position : -

Target :  -

Stop : -


Despite intra-day anticipated rally to 1.3280 (our long position entered at 1.3180 met target at 1.3280), as cable’s broad outlook remains consolidative, reckon upside would be limited to 1.3300 and price should falter below indicated previous resistance area at 1.3321-38, bring another retreat later today or tomorrow.

As we have taken profit on our long position entered at 1.3180, would not chase this rise here and would be prudent to stand aside in the meantime. Below 1.3210-15 would bring weakness to 1.3180-85 but only break of support at 1.3170 would abort and risk correction to 1.3150, then test of said support at 1.3134, once this level is penetrated, this would signal top has been formed.