Sat, Jun 10, 2023 @ 17:57 GMT
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Trade Idea Wrap-up: GBP/USD – Stand aside

GBP/USD – 1.2511

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.2476

Kijun-Sen level                    : 1.2476

Ichimoku cloud top              : 1.2476

Ichimoku cloud bottom        : 1.2462

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

As cable has rebounded again after finding support at 1.2433, retaining our view that further consolidation above this week’s low at 1.2377 would be seen and another bounce to 1.2524 and possibly 1.2550 cannot be ruled out, however, as broad outlook remains consolidative, reckon upside would be limited to 1.2575-80 and price should falter below 1.2600, bring retreat later.

On the downside, whilst pullback to the Kijun-Sen (now at 1.2478) cannot be rued out, reckon downside would be limited to 1.2450 and said support at 1.2433 should hold. Only break of 1.2433 support would revive bearishness and suggest the rebound from 1.2377 has ended, bring weakness to 1.2400, break there would confirm and retest of 1.2377 would follow.

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