Thu, Dec 09, 2021 @ 10:31 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: GBP/USD - Stand aside

Trade Idea Wrap-up: GBP/USD – Stand aside

GBP/USD – 1.3411

Most recent candlesticks pattern   : N/A

Trend                                 : Sideways

Tenkan-Sen level                 : 1.3398

Kijun-Sen level                    : 1.3375

Ichimoku cloud top              : 1.3375

Ichimoku cloud bottom        : 1.3361

Original strategy :

Sold at 1.3390, stopped at 1.3405

Position : – Short at 1.3390

Target :  –

Stop : – 1.3405

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

As the British pound has edged higher on back of the rally in euro, dampening our bearishness and near term upside risk remains for test of 1.3419 resistance, break there would extend the rebound from 1.3302 to 1.3445-50, however, reckon indicated resistance at 1.3466 would hold from here, bring retreat later.

In view of this, would not chase this rise here and would be prudent to stand aside for now. Below 1.3360 would suggest an intra-day top is possibly formed, bring test of 1.3331 support but only break there would revive bearishness and signal the rebound from 1.3302 has ended, bring retest of this level first.

Featured Analysis

Learn Forex Trading