Sun, May 22, 2022 @ 23:54 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 – 1.3354

Most recent candlesticks pattern   : N/A

Trend                                 : Sideways

Tenkan-Sen level                 : 1.3371

Kijun-Sen level                    : 1.3380

Ichimoku cloud top              : 1.3379

Ichimoku cloud bottom        : 1.3352

Original strategy :

Sold at 1.3390, Target: 1.3290, Stop: 1.3420

Position : – Short at 1.3390

Target :  – 1.3290

Stop : – 1.3420

New strategy  :

Hold short entered at 1.3390, Target: 1.3290, Stop: 1.3405

Position : – Short at 1.3390

Target :  – 1.3290

Stop : – 1.3405

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 1.3330-35 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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