Candlesticks Intraday

Trade Idea Wrap-up: GBP/USD - Sell at 1.2780

Typography

GBP/USD - 1.2751


Most recent candlesticks pattern   : N/A

Trend                                 : Near term down


Tenkan-Sen level                 : 1.2781

Kijun-Sen level                    : 1.2781

Ichimoku cloud top              : 1.2776

Ichimoku cloud bottom        : 1.2754


New strategy  :

Sell at 1.2780, Target: 1.2680, Stop: 1.2815

Position : -

Target :  -

Stop : -


The British pound has retreated after faltering below indicated resistance at 1.2818, suggesting consolidation with downside bias would be seen for test of 1.2690 support, however, a break below there is needed to retain bearishness and signal the rebound from last week’s low at 1.2635 has ended, bring further fall to 1.2650, then towards this support later.

In view of this, we are looking to sell cable on recovery as 1.2780-90 should limit upside. Only break of said resistance at 1.2818 would abort and signal the erratic rise from 1.2635 low is still in progress for gain to 1.2845-50 (61.8% Fibonacci retracement of 1.2978-1.2635) but upside should be limited to 1.2870-80 and price should falter below 1.2900, bring another decline later. 

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Author: Action Forex
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