Trade Idea Wrap-up: GBP/USD – Sell at 1.3285

Trade Idea Wrap-up: GBP/USD – Sell at 1.3285

Trade Idea Wrap-up: GBP/USD – Sell at 1.3285

GBP/USD – 1.3183
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3183
Kijun-Sen level : 1.3193
Ichimoku cloud top : 1.3160
Ichimoku cloud bottom : 1.3150
Original strategy :
Sell at 1.3285, Target: 1.3155, Stop: 1.3320
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3285, Target: 1.3155, Stop: 1.3320
Position : –
Target : –
Stop : –
As cable found good support at 1.3088 late last week and has staged a strong rebound, suggesting consolidation with initial upside bias would be seen for recovery to 1.3240-45 (61.8% Fibonacci retracement of 1.3338-1.3088), however, price should falter below indicated resistance at 1.3287 and bring retreat later, below 1.3130-35 would bring test of said support at 1.3088 but break there is needed to extend the fall from 1.3338 to 1.3050, then towards recent low at 1.3027.
In view of this, wee are looking to sell cable on further subsequent recovery as resistance at 1.3287 should limit upside and bring another decline later. Only above 1.3312 resistance would abort and extend further gain to said recent high at 1.3338 which is likely to hold from here.

Author: Action ForexMore from the author

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Original Article