HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Buy at market level

Trade Idea : GBP/USD – Buy at market level

GBP/USD – 1.2215

Most recent candlesticks pattern   : N/A

Trend                                 : Near term down

Tenkan-Sen level                 : 1.2197

Kijun-Sen level                    : 1.2189

Ichimoku cloud top              : 1.2173

Ichimoku cloud bottom        : 1.2162

New strategy  :

Buy here, Target: 1.2320, Stop: 1.2180

Position : –

Target :  –

Stop : –

Current rally above indicated resistance at 1.2195 suggests a temporary low is possibly formed at 1.2135 last week and consolidation with upside bias is seen for retracement of recent decline, hence further gain to 1.2260-65 (38.2% Fibonacci retracement of 1.2471-1.2135) would be seen, however, break of 1.2301-03 (previous resistance and 50% Fibonacci retracement) is needed to signal low is formed, bring a stronger rebound to 1.2340-45 (61.8% Fibonacci retracement) later.

In view of this, we are looking to turn long here. Below the Kijun-Sen (now at 1.2190) would defer and risk weakness to 1.2170 but said support at 1.2135 should hold. Only break there would abort and signal recent decline has resumed and extend weakness to 1.2100.

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