HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Buy at 1.2490

Trade Idea : GBP/USD – Buy at 1.2490

GBP/USD – 1.2568

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.2545

Kijun-Sen level                    : 1.2525

Ichimoku cloud top              : 1.2497

Ichimoku cloud bottom        : 1.2478

New strategy  :

Buy at 1.2490, Target: 1.2600, Stop: 1.2455

Position : –

Target :  –

Stop : –

As cable has surged again today, adding credence to our bullish view that recent upmove from 1.2109 is still in progress and upside bias remains for this move to extend further gain to 1.2600, then towards 1.2635-40, however, loss of upward momentum should prevent sharp move beyond 1.2670-80 and price should falter below previous resistance at 1.2706, risk from there is seen for a retreat later.

In view of this, would not chase this rise here and would be prudent to buy cable on subsequent retreat. Only below support at 1.2469 (Friday’s low) would abort and signal top is formed, bring retracement of recent upmove towards previous support at 1.2424 which is likely to hold from here.

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