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Trade Idea Wrap-up: GBP/USD – Exit long entered at 1.5880 PDF Print E-mail
Trade Idea Archives | Written by Action Forex | Apr 13 12 15:36 GMT

GBP/USD - 1.5855

Most recent candlesticks pattern : Shooting star
Trend                                    : Near term down

Tenkan-Sen level                       :1.5905
Kijun-Sen level                        :1.5915
Ichimoku cloud top                     :1.5935
Ichimoku cloud bottom                 :1.5890

Original strategy :  

Bought at 1.5880, Target: 1.5980, Stop: 1.5845

Position: - 1.5880
Target:  - 1.5980
Stop:- 1.5845

New strategy  : 

Exit long entered at 1.5880,

Position: - Long at 1.5880
Target:  -

Cable’s intra-day selloff has dampened our bullishness and signals the rebound from recent low of 1.5805 has ended at 1.5985 and downside risk is seen for weakness towards 1.5805-08, however, break there is needed to confirm recent decline form 1.6063 top has resumed and extend weakness to previous support at 1.5770 which is likely to hold on first testing.

In view of this, we are exiting our long position entered at 1.5880 and look to sell cable on recovery. Above the Ichimoku cloud bottom (now at 1.5890) would bring recovery to the Ichimoku cloud top (now at 1.5935) but 1.5970 should cap upside, bring another decline later.

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