Thu, May 26, 2022 @ 18:16 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 – 1.3393

Most recent candlesticks pattern   : N/A

Trend                                 : Sideways

Tenkan-Sen level                 : 1.3390

Kijun-Sen level                    : 1.3367

Ichimoku cloud top              : 1.3376

Ichimoku cloud bottom        : 1.3374

Original strategy :

Sold at 1.3390, Target: 1.3290, Stop: 1.3405

Position : – Short at 1.3390

Target :  – 1.3290

Stop : – 1.3405

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

As the British pound has rebounded again after finding support at 1.3331 yesterday, as long as 1.3403-05 holds, prospect of another decline remains, below said support would signal the rebound from 1.3302 has ended at 1.3418, 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. Only 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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