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Trade Idea Wrap-up: GBP/USD – Stand aside Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Mar 06 13 16:07 GMT

GBP/USD - 1.5056

Most recent candlesticks pattern   : N/A

Trend                                    : Down

Tenkan-Sen level                      : 1.5082
Kijun-Sen level                        :1.5098
Ichimoku cloud top                     :1.5138
Ichimoku cloud bottom                 :1.5092

New strategy  :

Stand aside

Position: -
Target:  -
Stop:-

Although current selloff suggests the rebound from last week’s low of 1.4985 has ended at 1.5200 and weakness to 1.5020-25 cannot be ruled out, break of 1.5000 support is needed to confirm and bring resumption of recent decline for retest of said support, looking ahead, only break of 1.4985 support would signal early downtrend has resumed and extend weakness to 1.4950 but near term oversold condition should limit downside today.

In view of this, would not chase this decline here and would be prudent to stand aside in the meantime. Above the Kijun-Sen (now at 1.5098) would bring test of the upper Kumo (now at 1.5138) but break there is needed to prolong consolidation and bring test of intra-day resistance at 1.5156, then towards 1.5200, however, still reckon upside would be limited to 1.5223 resistance and 1.5250-55 (38.2% Fibonacci retracement of 1.5690-1.4985) should hold, bring another decline 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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