Wed, Feb 08, 2023 @ 17:24 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Sell at 1.3390

Trade Idea : GBP/USD – Sell at 1.3390

GBP/USD – 1.3352

Most recent candlesticks pattern   : N/A

Trend                                 : Sideways

Tenkan-Sen level                 : 1.3344

Kijun-Sen level                    : 1.3371

Ichimoku cloud top              : 1.3432

Ichimoku cloud bottom        : 1.3389

Original strategy :

Sell at 1.3370, Target: 1.3270, Stop: 1.3405

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.3390, Target: 1.3290, Stop: 1.3425

Position : –

Target :  –

Stop : –

As the British pound has rebounded after Friday’s cross-inspired selloff to 1.3302. suggesting consolidation above this level would be seen and test of the lower Kumo (now at 1.3389) cannot be ruled out, however, upside would be limited and cable shall head south again from there, below said support at 1.3302 would signal recent decline from 1.3550 top has resumed and may extend further weakness to 1.3280, then towards 1.3250 but still reckon previous support at 1.3221 would remain intact.

In view of this, we are looking to sell cable on recovery as 1.3385-90 should limit upside and bring another decline. Above 1.3420-25 would defer and risk rebound to 1.3445-50 but said resistance at 1.3466 should remain intact and bring another decline later. 

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