Thu, Mar 23, 2023 @ 11:12 GMT
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Trade Idea Wrap-up: GBP/USD – Stand aside

GBP/USD – 1.2482

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.2501

Kijun-Sen level                    : 1.2512

Ichimoku cloud top              : 1.2486

Ichimoku cloud bottom        : 1.2468

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Although cable has retreated after meeting resistance at 1.2559 on Friday on active cross-trading in sterling and consolidation with mild downside is seen for weakness to 1.2450-55, break of support at 1.2433 is needed to signal top has been formed at 1.2559, bring further fall towards 1.2400-05. Looking ahead, only a drop below 1.2400-05 would signal the rebound from 1.2377 has ended, bring retest of 1.2377 first.

In view of this, would not chase this fall here and would be prudent to stand aside for now. Above 1.2515-20 would bring another bounce towards 1.2559 but break there is needed to signal the erratic rise from 1.2377 (last week’s low) is still in progress and may extend gain towards 1.2570-75, however, as broad outlook remains consolidative, reckon upside would be limited to 1.2595-00 and price should falter below last week’s high at 1.2616.

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