ActionForex.com
Jan 17 00:48 GMT

Sponsors

Forex Expos

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.

 

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

Advanced Candlesticks and Ichimoku Strategies for Forex Trading

For the first time, our Action Forex analysts are revealing the strategies they use in formulating the trading ideas in our popular Candlesticks and Ichimoku Analysis section. These strategies are presented in our newly released ebook "Advanced Candlesticks and Ichimoku Strategies for Forex Trading." Don't miss this opportunity in learning these techniques that professional traders use. Download both Part I and Part II NOW!

Facebook MySpace Twitter Digg Delicious Google Bookmarks 

Trade Ideas

Candlesticks Trades
Elliott Wave Trades

Forex Brokers

ActionForex.com © 2017 All rights reserved.