Trade Idea: GBP/USD - Stand aside

GBP/USD - 1.5284

Most recent candlesticks pattern : N/A
Trend : Sideways

Tenkan-Sen level : 1.5267
Kijun-Sen level : 1.5306
Ichimoku cloud top : 1.5395
Ichimoku cloud bottom : 1.5358

New strategy :

Stand aside

Although the British pound retreated after intra-day rise to 1.5390, a sustained breach below 1.5250 is needed to revive our bearishness and signal the rebound from 1.5126 has ended, then weakness to 1.5200 and later retest of 1.5126 would be seen probably next week, otherwise, choppy consolidation would continue in the near term.

Above 1.5390 would extend the rise from 1.5126 to 1.5410/20 but only break of resistance at 1.5498 would signal upmove has resumed for retest of 1.5524.

As near term outlook is still mixed, we are standing aside for the time being.