Thu, Feb 09, 2023 @ 13:00 GMT
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Trade Idea Wrap-up: GBP/USD – Stand aside

GBP/USD – 1.3375

Most recent candlesticks pattern   : N/A

Trend                                 : Sideways

Tenkan-Sen level                 : 1.3344

Kijun-Sen level                    : 1.3340

Ichimoku cloud top              : 1.3396

Ichimoku cloud bottom        : 1.3350

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

As cable has rebounded after falling to 1.3303 yesterday, suggesting consolidation above this level would be seen and corrective bounce to 1.3400 is likely, however, break of indicated resistance at 1.3432 is needed to signal low has been formed there, bring a stronger rebound to 1.3475–80 but still reckon resistance at 1.3521 would hold from here.

In view of this, would not chase this rebound and would be prudent to stand aside for now. Below 1.3320-25 would bring retest of 1.3303, break there would extend the fall from 1.3550 top to 1.3280 and later 1.3250 but price should stay well above previous support at 1.3221.

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