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Trade Idea Update: GBP/USD - Exit long entered at 1.2425 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Feb 17 17 11:53 GMT
GBP/USD - 1.2418


Original strategy :

Bought at 1.2425, Target: 1.2525, Stop: 1.2390

Position : - Long at 1.2425

Target :  - 1.2525

Stop : - 1.2390


New strategy  :

Exit long entered at 1.2425

Position : - Long at 1.2425

Target :  -

Stop : -


Current selloff on active cross-selling in sterling suggests the rebound from 1.2383 has ended at 1.2524 and downside risk is seen for test of said support, however, break there is needed to retain bearishness and bring retest of 1.2347, once this level is penetrated, this would signal the fall from 1.2706 top has resumed and extend further weakness to 1.2300-10 later.

In view of this, would be prudent to exit long entered at 1.2425 and stand aside for now. Above previous support at 1.2459 would bring recovery to 1.2485-90 but price should falter below said resistance at 1.2524 and bring further choppy trading later.

 

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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