HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: GBP/USD - Buy at 1.3200

Trade Idea Wrap-up: GBP/USD – Buy at 1.3200

GBP/USD – 1.3254

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.3238

Kijun-Sen level                    : 1.3238

Ichimoku cloud top              : 1.3232

Ichimoku cloud bottom        : 1.3225

Original strategy :

Buy at 1.3200, Target: 1.3300, Stop: 1.3165

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.3200, Target: 1.3300, Stop: 1.3165

Position : –

Target :  –

Stop : –

As cable has maintained a firm undertone after yesterday’s anticipated rise to 1.3280, adding credence to our bullish view that recent erratic rise from 1.3039 is still in progress and further gain to 1.3300 is likely, however, as broad outlook remains consolidative, reckon upside would be limited and price should falter below indicated previous resistance area at 1.3321-38, bring another retreat later.

In view of this, would not chase this rise here and would be prudent to buy cable on pullback. 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.

 

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