Thu, Feb 09, 2023 @ 11:51 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Buy at 1.3350

Trade Idea : GBP/USD – Buy at 1.3350

GBP/USD – 1.3433

Most recent candlesticks pattern   : N/A

Trend                                 : Sideways

Tenkan-Sen level                 : 1.3428

Kijun-Sen level                    : 1.3380

Ichimoku cloud top              : 1.3368

Ichimoku cloud bottom        : 1.3333

New strategy  :

Buy at 1.3350, Target: 1.3450, Stop: 1.3315

Position : –

Target :  –

Stop : –

As cable found good support at 1.3303 earlier this week and has staged a strong rebound, suggest low has been made there and consolidation with mild upside bias is seen for this rebound from 1.3303 to extend gain to 1.3475-80, then 1.3500, however, near term overbought condition would limit upside and price should falter below indicated resistance at 1.3432, bring another decline later.

In view of this, we are looking to buy cable on dips as 1.3345-50 should limit downside. Below 1.3320-25 would defer and suggest the rebound from 1.3303 has ended, bring retest of this level first, 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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