Feb 23 14:13 GMT


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Trade Idea Update: GBP/USD - Buy at 1.5985 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Sep 19 13 13:25 GMT
GBP/USD - 1.6094

Original strategy :

Buy at 1.5985, Target: 1.6150, Stop: 1.5950

Position: -
Target:  -

New strategy  :    

Buy at 1.5985, Target: 1.6150, Stop: 1.5950

Position: -
Target:  -

Despite yesterday's post-FOMC rally to 1.6163, as cable has retreated after faltering below this level today, suggesting consolidation below this level is in store and pullback to the Kijun-Sen (now at 1.6061) is likely, however, reckon downside would be limited to 1.6000 and renewed buying interest should emerge around 1.5980-85, bring another rally. Above said resistance at 1.6163 would extend recent upmove from 1.4818 low to 1.6185-90 (1.236 times projection of 1.5104-1.5718 measuring from 1.5427), however, near term overbought condition should limit upside to 1.6215-20 (61.8% projection of 1.5427-1.5963 measuring from 1.5886), risk from there is seen for a correction to take place later.

In view of this, we are still looking to buy cable on pullback as 1.5980-85 should limit downside. Only below previous resistance at 1.5963 would defer and risk correction of recent upmove to the Ichimoku cloud top (now at 1.5936) but reckon support at 1.5886 would hold from here.


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