HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Stand aside

Trade Idea : GBP/USD – Stand aside

GBP/USD – 1.3423

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.3416

Kijun-Sen level                    : 1.3302

Ichimoku cloud top              : 1.3250

Ichimoku cloud bottom        : 1.3232

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Although cable has risen again after brief pullback and near term upside risk remains for recent upmove to extend gain to 1.3450-60, loss of near term upward momentum should prevent sharp move beyond 1.3475-80 and reckon 1.3500 would hold from here, risk from there has increased for a retreat later.

In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below 1.3380-85 would defer and suggest top is possibly formed, bring correction to 1.3340-45, break there would confirm and further weakness to the Kijun-Sen (now at 1.3302) would follow.

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