Feb 24 19:18 GMT


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Trade Idea Update: GBP/USD - Stand aside Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Feb 17 17 14:13 GMT

GBP/USD - 1.2430

Original strategy :

Exit long entered at 1.2425

Position : - Long at 1.2425

Target :  -

Stop : -

New strategy  :

Stand aside

Position : -

Target :  -

Stop : -

Cable’s intra-day 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 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.



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