Sat, Mar 25, 2023 @ 17:47 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : GBP/USD - Stand aside

Trade Idea : GBP/USD – Stand aside

GBP/USD – 1.2465

Most recent candlesticks pattern   : N/A

Trend                                 : Near term down

Tenkan-Sen level                 : 1.2466

Kijun-Sen level                    : 1.2478

Ichimoku cloud top              : 1.2475

Ichimoku cloud bottom        : 1.2460

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Although the British pound rebounded yesterday after finding support at 1.2450 and further consolidation above this level would be seen and upside risk remains for recovery to 1.2500-05 and possibly towards 1.2520-25, however, as broad outlook remains consolidative, reckon upside would be limited and price should falter below resistance at 1.2559, bring retreat later.

As near term outlook is still mixed, would be prudent to stand aside in the meantime. Below said support at 1.2450 would revive bearishness and bring weakness to indicated support at 1.2419, break there would bring test of 1.2400 but below there is needed to add credence to our view that the rebound from 1.2377 has ended at 1.2559, bring further fall towards support at 1.2377.

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