Thu, Feb 09, 2023 @ 13:26 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Hold short entered at 1.3390

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

GBP/USD – 1.3382

Most recent candlesticks pattern   : N/A

Trend                                 : Sideways

Tenkan-Sen level                 : 1.3382

Kijun-Sen level                    : 1.3377

Ichimoku cloud top              : 1.3384

Ichimoku cloud bottom        : 1.3352

Original strategy :

Sold at 1.3390, Target: 1.3290, Stop: 1.3425

Position : – Short at 1.3390

Target :  – 1.3290

Stop : – 1.3425

New strategy  :

Hold short entered at 1.3390, Target: 1.3290, Stop: 1.3420

Position : – Short at 1.3390

Target :  – 1.3290

Stop : – 1.3420

Although the British pound found good support at 1.3302 and staged a strong rebound yesterday, reckon upside would be limited and mild downside bias remains for another decline, below 1.3360 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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