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Trade Idea : GBP/USD - Buy at 1.2240 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 12 17 08:49 GMT
GBP/USD - 1.2299


Most recent candlesticks pattern   : N/A

Trend                                 : Near term up


Tenkan-Sen level                 : 1.2240

Kijun-Sen level                    : 1.2175

Ichimoku cloud top              : 1.2182

Ichimoku cloud bottom        : 1.2164


New strategy  :

Buy at 1.2240, Target: 1.2340, Stop: 1.2205

Position : -

Target :  -

Stop : -


Although cable fell briefly to 1.2038, lack of follow through selling and the subsequent rally above resistance at 1.2272 signal a temporary low has been made there (medium term downtrend is not ready to resume yet), hence upside bias is seen for the strong rebound from there to bring retracement of recent decline and further gain to 1.2340-50, then 1.2475-80 would be seen, however, near term overbought condition should limit upside to 1.2400-05 (100% projection of 1.2038-1.2272 measuring from 1.2168) and price should falter below resistance at 1.2433, bring retreat later.

In view of this, we are looking to buy cable on pullback as the Tenkan-Sen (now at 1.2240) should limit downside and bring another rise later. Below 1.2215-20 would defer and risk deeper correction to 1.2195-00 but still reckon support at 1.2168 would remain intact and bring another rally to aforesaid upside targets.

 

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Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

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