Trade Idea: GBP/USD - Exit short entered at 1.5040

GBP/USD - 1.5020

Most recent candlesticks pattern : N/A
Trend : Down

Tenkan-Sen level : 1.4969
Kijun-Sen level : 1.5035
Ichimoku cloud top : 1.5180
Ichimoku cloud bottom : 1.5027

Original strategy :

Sold at 1.5040, Target: 1.4860, Stop: 1.5105

New strategy :

Exit short entered at 1.5040

Although the British pound retreated after intra-day rise to 1.5065, as long as the Tenkan-Sen (now at 1.4969) holds, near term upside risk is seen for another corrective rise and above said resistance would bring stronger rebound to 1.5100, however, 1.5180-97 (current level of the Ichimoku cloud top and previous resistance) should hold and bring further choppy consolidation.

Below the Tenkan-Sen would suggest recovery from 1.4873 has possibly ended but break of intra-day support at 1.4947 is needed to confirm and bring another test of said support.

In view of this, we are exiting our short position entered at 1.5040 and look to sell cable again on subsequent recovery.