Wed, Jun 29, 2022 @ 01:07 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Buy at 1.2710

Trade Idea : GBP/USD – Buy at 1.2710

GBP/USD – 1.2817

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.2825

Kijun-Sen level                    : 1.2824

Ichimoku cloud top              : 1.2808

Ichimoku cloud bottom        : 1.2800

Original strategy :

Buy at 1.2710, Target: 1.2850, Stop: 1.2675

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.2710, Target: 1.2850, Stop: 1.2675

Position : –

Target :  –

Stop : –

Cable has continued trading within near term established range and further sideways trading is in store, whilst another test of Friday’s low at 1.2757 cannot be ruled out, reckon downside should be limited to 1.2700-10 (50% Fibonacci retracement of 1.2515-1.2906) and bring another rally, a break of indicated minor resistance at 1.2859 would signal the pullback from 1.2906 has ended, bring retest of this level, above there would extend recent upmove to 1.2920-30 (2 times extension of 1.2365-1.2575 measuring from 1.2500), then 1.2950 but loss of upward momentum should prevent sharp move beyond 1.2990-00 (1.236 times projection of 1.2109-1.2616 measuring from 1.2365 and psychological resistance). 

In view of this, would not chase this rise here and would be prudent to buy cable on subsequent pullback as downside should be limited to 1.2710 (50% Fibonacci retracement of 1.2515-1.2906), bring another rise. Below 1.2700 would defer and signal top has been formed, risk correction to 1.2660-65 (61.8% Fibonacci retracement of 1.2515-1.2906) and price should stay well above 1.2608-16 (previous resistance now support).

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