Trade Idea: GBP/USD - Buy at 1.6195 O.C.O. Sell at 1.6400

GBP/USD - 1.6286

Most recent candlesticks pattern : N/A
Trend : Near term up

Tenkan-Sen level : 1.6351
Kijun-Sen level : 1.6335
Ichimoku cloud top : 1.6180
Ichimoku cloud bottom : 1.6105

Original strategy :

Buy at 1.6215, Target: 1.6390, Stop: 1.6150

O.C.O. Sell at 1.6400, Target: 1.6220, Stop: 1.6465

New strategy :

Buy at 1.6195, Target: 1.6390, Stop: 1.6130

O.C.O. Sell at 1.6400, Target: 1.6220, Stop: 1.6465

Intra-day euro-led decline adds credence to our view that recent upmove has formed a top at 1.6459 and consolidation with mild downside bias remains for retracement of recent upmove to 1.6208-11 (50% Fibonacci retracement and previous support), however, support at 1.6194 (previous resistance turned support) should attract renewed buying interest, bring rebound later but price should falter well below resistance at 1.6459 and bring another leg of corrective decline.

In view of the above analysis, we are still trading both sides of the market. Only below the Ichimoku cloud bottom (now at 1.6105) would signal the rise from 1.5832 has ended and risk weakness to 1.6063. Above said resistance at 1.6459 would extend the rise from 1.5832 to 1.6479 (61.8% Fibonacci retracement of 1.6879 to 1.5832) and possibly towards 1.6496 (61.8% projection of 1.5896-1.6357 measuring from 1.6211).