Wed, Feb 08, 2023 @ 16:24 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: GBP/USD - Hold short entered at 1.3390

Trade Idea Wrap-up: GBP/USD – Hold short entered at 1.3390

GBP/USD – 1.3411

Most recent candlesticks pattern   : N/A

Trend                                 : Sideways

Tenkan-Sen level                 : 1.3377

Kijun-Sen level                    : 1.3361

Ichimoku cloud top              : 1.3392

Ichimoku cloud bottom        : 1.3383

Original strategy :

Sold at 1.3390, Target: 1.3290, Stop: 1.3425

Position : – Short at 1.3370

Target :  – 1.3270

Stop : – 1.3425

New strategy  :

Hold short entered at 1.3390, Target: 1.3290, Stop: 1.3425

Position : – Short at 1.3390

Target :  – 1.3290

Stop : – 1.3425

Although the British pound has staged a strong rebound today after marginal fall to 1.3302, reckon upside would be limited and mild downside bias remains for another decline, below 1.3360-65 would bring test of 1.3330-35 but break there is needed to signal the rebound from 1.3302 has ended, bring retest of this level, break there would extend recent decline from 1.3550 top to 1.3280, then towards 1.3250, however, still reckon previous support at 1.3221 would remain intact.

In view of this, we are holding on to our short position entered at 1.3390. 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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