Wed, Feb 08, 2023 @ 17:23 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: GBP/USD - Sell at 1.3370

Trade Idea Wrap-up: GBP/USD – Sell at 1.3370

GBP/USD – 1.3311

Most recent candlesticks pattern   : N/A

Trend                                 : Sideways

Tenkan-Sen level                 : 1.3376

Kijun-Sen level                    : 1.3377

Ichimoku cloud top              : 1.3416

Ichimoku cloud bottom        : 1.3385

Original strategy :

Bought at 1.3350, stopped at 1.3315

Position : – Long at 1.3350

Target :  –

Stop : – 1.3315

New strategy  :

Sell at 1.3370, Target: 1.3270, Stop: 1.3405

Position : –

Target :  –

Stop : –

Current cross-inspired selloff dampened our near term bullishness and signal the rebound from 1.3303 has ended at 1.3466, break of said support would confirm recent decline from 1.3550 top has resumed and may extend further weakness to 1.3280, then towards 1.3250, however, near term oversold condition should limit downside to previous support at 1.3221, bring recovery later.

In view of this, we are looking to sell cable on recovery as 1.3370-75 should limit upside and bring another decline. Above 1.3400 would defer and risk rebound to 1.3430-35 but said resistance at 1.3466 should remain intact and bring another decline later. 

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