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Trade Idea Wrap-up: GBP/USD - Stand aside Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 11 17 16:19 GMT
GBP/USD - 1.2069

Most recent candlesticks pattern   : N/A

Trend                                 : Near term down

Tenkan-Sen level                 : 1.2105

Kijun-Sen level                    : 1.2118

Ichimoku cloud top              : 1.2248

Ichimoku cloud bottom        : 1.2143

New strategy  :

Stand aside

Position : -

Target :  -

Stop : -

Although cable has fallen again after meeting renewed selling interest at 1.2198 and near term downside risk remains for recent decline to extend weakness to 1.2030-35 (50% projection of 1.2433-1.2107 measuring from 1.2198), loss of downward momentum should prevent sharp fall below there today and reckon previous chart support at 1.1995 would hold from here, risk from there has increased for a rebound to take place soon.

In view of this, would not chase this fall here and would be prudent to stand aside for now. Above the Kijun-Sen (now at 1.2118) would bring rebound to 1.2150 but break of the latter level is needed to suggest a temporary low is possibly formed, bring a stronger rebound towards resistance at 1.2198.


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