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Trade Idea Update: GBP/USD - Stand aside Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 11 17 13:22 GMT
GBP/USD - 1.2118

New strategy  :

Stand aside

Position : -

Target :  -

Stop : -

Although cable has fallen again after meeting renewed selling interest at 1.2198, lack of follow through selling on break of previous support at 1.2107 suggests consolidation would be seen and recovery to 12150 cannot be ruled out, however, reckon upside would be limited to 1.2170-75 and price should falter below said resistance at 1.2198, bring another decline later.

On the downside, below 1.2090-95 would extend weakness to 1.2077-82 (61.8% projection of 1.2775-1.2199 measuring from 1.2433 and previous support), however, loss of downward momentum should prevent sharp fall below 1.2030-35 (50% projection of 1.2433-1.2107 measuring from 1.2198) and price should stay above previous chart support at 1.1995. As near term outlook has turned mixed, would be prudent to stand aside for now.


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