Sat, Jan 28, 2023 @ 20:28 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Stand aside

Trade Idea : GBP/USD – Stand aside

GBP/USD – 1.3320

Most recent candlesticks pattern   : N/A

Trend                                 : Sideways

Tenkan-Sen level                 : 1.3324

Kijun-Sen level                    : 1.3342

Ichimoku cloud top              : 1.3426

Ichimoku cloud bottom        : 1.3363

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Although cable has remained under pressure after recent selloff and near term downside risk remains for weakness towards 1.3300, as broad outlook remains consolidative, reckon downside would be limited to 1.3280 and reckon 1.3250 would hold from here, near term oversold condition should prevent sharp fall below there and previous support at 1.3221 should remain intact.

In view of this, would not chase this fall here and would be prudent to stand aside for now. On the upside, expect recovery to be limited to 1.3380 and 1.3400 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.

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