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Trade Idea Wrap-up: GBP/USD – Stand aside

GBP/USD – 1.2193

Most recent candlesticks pattern   : N/A

Trend                                 : Near term down

Tenkan-Sen level                 : 1.2204

Kijun-Sen level                    : 1.2222

Ichimoku cloud top              : 1.2267

Ichimoku cloud bottom        : 1.2261

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

As cable has remained under pressure after meeting renewed selling interest at 1.2301, suggesting near term downside risk remains for recent decline from 1.2706 to extend further weakness to 1.2170-75 but reckon 1.2150 would limit downside due to loss of downward momentum and 1.2120-25 should hold, bring another rebound later. 

In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above the Kijun-Sen (now at 1.2222) would bring recovery to the Ichimoku cloud (now at 1.2261-67), break there would suggest an intra-day low is formed, bring test of said resistance at 1.2301 which is likely to hold from here . 

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