Sat, Jan 28, 2023 @ 20:01 GMT
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Trade Idea Wrap-up: GBP/USD – Stand aside

GBP/USD – 1.3363

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.3388

Kijun-Sen level                    : 1.3388

Ichimoku cloud top              : 1.3453

Ichimoku cloud bottom        : 1.3430

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

As cable’s retreat from 1.3521 has kept sterling under pressure, suggesting near term downside risk remains for weakness to 1.3340-45, however, as outlook remains consolidative, reckon support at 1.3320 would limit downside and bring further choppy trading. Only a drop below this level would revive bearishness and signal top has been formed at 1.3550 earlier, bring retracement of recent rise to 1.3290-00 first.

On the upside, expect recovery to be limited to 1.3430-35 and the upper Kumo (now at 1.3453) should hold, bring another decline later. Above the upper Kumo would bring a stronger rebound to 1.3490-95 but still reckon resistance at 1.3521 would hold from here, bring retreat later. As near term outlook is mixed, would be prudent to stand aside for now. 

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