Trade Idea: GBP/USD - Stand aside

GBP/USD - 1.6159

Most recent candlesticks pattern : N/A
Trend : Sideways

Tenkan-Sen level : 1.6181
Kijun-Sen level : 1.6195
Ichimoku cloud top : 1.6345
Ichimoku cloud bottom : 1.6191

New strategy :

Stand aside

Despite intra-day fall to 1.6093 after the release of UK GDP data, as sterling has recovered after finding demand from Middle East names ahead of 1.6077 support, suggesting further consolidation would be seen and recovery to the Kijun-Sen (now at 1.6195) cannot be ruled out, however, intra-day resistance at 1.6269 should limit upside further range trading within 1.6077-1.6285 would be seen. Only a daily close above resistance at 1.6285 would signal the retreat from 1.6459 has ended, then stronger rebound to the Ichimoku cloud top (now at 1.6345) would follow.

On the downside, break of 1.6077 support would bring stronger retracement of the rise from 1.5832 towards 1.6033 (61.8% projection of 1.6459 to 1.6077 measuring from 1.6269) and possibly to 1.6000.

As near term outlook has turned mixed, stand aside for now.