Trade Idea: GBP/USD - Sell at 1.5290

GBP/USD - 1.5133

Most recent candlesticks pattern : N/A
Trend : Down

Tenkan-Sen level : 1.5059
Kijun-Sen level : 1.5035
Ichimoku cloud top : 1.5131
Ichimoku cloud bottom : 1.5059

New strategy :

Sell at 1.5290, Target: 1.5090, Stop: 1.5355

Although intra-day rise to 1.5174 suggests a test of resistance at 1.5197 is likely, break there is needed to confirm another leg of corrective upmove from recent low at 1.4781 is under way and bring further gain towards 1.5289/90 (approx. 100% projection of 1.4781 to 1.5197 measuring from 1.4873), however, reckon resistance at 1.5345 (previous support turned resistance) would cap upside and bring subsequent retreat early next week.

In view of the above analysis, we are inclined to sell cable on such a rise in anticipation of eventual decline towards the Tenkan-Sen (now at 1.5059), break there would suggest top is possibly formed but below the Kijun-Sen (now at 1.5035) is needed to confirm, then weakness to 1.4960/70 would follow.