Trade Idea: GBP/USD - Stand aside

GBP/USD - 1.6120

Most recent candlesticks pattern : N/A
Trend : Sideways

Tenkan-Sen level : 1.6187
Kijun-Sen level : 1.6268
Ichimoku cloud top : 1.6246
Ichimoku cloud bottom : 1.6126

New strategy :

Stand aside

The British pound finally broke below the Ichimoku cloud bottom, confirming the rise from 1.5832 has ended at 1.6459 and stronger correction towards 1.6063 would be seen, however, loss of near term downward momentum would be limited to 1.6000 and reckon 1.5949 (100% projection of 1.6459 to 1.6123 measuring from intra-day high of 1.6285) would hold, bring a rebound early next week.

On the upside, although recovery to the Tenkan-Sen (now at 1.6187) cannot be ruled out, reckon the Kijun-Sen (now at 1.6268) would hold. Only break of resistance at 1.6285 would signal low has been formed instead, then stronger rise to 1.6350/55 would follow.

As near term outlook is mixed, stand aside in the meantime.