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Trade Idea : GBP/USD - Buy at 1.2425 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Feb 17 17 08:25 GMT
GBP/USD - 1.2493


Most recent candlesticks pattern   : N/A

Trend                                 : Near term down


Tenkan-Sen level                 : 1.2495

Kijun-Sen level                    : 1.2492

Ichimoku cloud top              : 1.2466

Ichimoku cloud bottom        : 1.2448


Original strategy :

Buy at 1.2425, Target: 1.2525, Stop: 1.2390

Position : -

Target :  -

Stop : -


New strategy  :

Buy at 1.2425, Target: 1.2525, Stop: 1.2390

Position : -

Target :  -

Stop : -


Cable’s rebound after finding good support at 1.2383 earlier this week suggests the retreat from 1.2582 has ended there and further choppy trading within early established range would be seen and recovery to 1.2525-30 is likely, however, reckon upside would be limited to 1.2549 resistance and price should falter well below said resistance at 1.2582, bring retreat later.

In view of this, we are looking to buy cable on dips but one should exit on such rebound. Below said support at 1.2383 would revive bearishness an extend weakness to previous support at 1.2347 (last week’s low) which is likely to hold from here.

 

About the Author

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

Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500 GMT

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