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Trade Idea Wrap-up: GBP/USD – Buy at 1.3350

GBP/USD – 1.3408

Most recent candlesticks pattern   : N/A

Trend                                 : Sideways

Tenkan-Sen level                 : 1.3433

Kijun-Sen level                    : 1.3404

Ichimoku cloud top              : 1.3351

Ichimoku cloud bottom        : 1.3338

Original strategy :

Buy at 1.3350, Target: 1.3450, Stop: 1.3315

Position : –

Target :  –

Stop : –

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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