HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Stand aside

Trade Idea : GBP/USD – Stand aside

GBP/USD – 1.3369

Most recent candlesticks pattern   : N/A

Trend                                 : Sideways

Tenkan-Sen level                 : 1.3366

Kijun-Sen level                    : 1.3386

Ichimoku cloud top              : 1.3379

Ichimoku cloud bottom        : 1.3375

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

As the British pound retreated after rebounding to 1.3420 in part due to cross-trading, suggesting consolidation would be seen, however, reckon downside would be limited to 1.3350 and support at 1.3331 should hold, bring another rebound. Only a drop below 1.3331 would signal the rebound from 1.3302 has ended and revive bearishness for a retest of 1.3302 first.

On the upside, whilst recovery to 1.3400 cannot be ruled out, reckon upside would be limited to said resistance at 1.3420 and bring another retreat later. Above 1.3420 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. As near term outlook is still mixed, would be prudent to stand aside for now. 

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