Sun, Feb 05, 2023 @ 17:41 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Stand aside

Trade Idea : GBP/USD – Stand aside

GBP/USD – 1.3362

Most recent candlesticks pattern   : N/A

Trend                                 : Sideways

Tenkan-Sen level                 : 1.3349

Kijun-Sen level                    : 1.3382

Ichimoku cloud top              : 1.3421

Ichimoku cloud bottom        : 1.3418

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Although cable’s retreat from 1.3521 has kept sterling under pressure and near term downside risk remains for weakness towards 1.3320 support, however, as outlook remains consolidative, reckon downside would be limited and further choppy trading would take place. 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 1.3400 and the Ichimoku (now at 1.3418-21) should hold, bring another decline later. Above resistance at 1.3432 would bring a stronger rebound to 1.3475–80 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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