Trade Idea : GBP/USD – Hold short entered at 1.3175

Trade Idea : GBP/USD – Hold short entered at 1.3175

Trade Idea : GBP/USD – Hold short entered at 1.3175

GBP/USD – 1.3158
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3146
Kijun-Sen level : 1.3138
Ichimoku cloud top : 1.3159
Ichimoku cloud bottom : 1.3096
Original strategy :
Sold at 1.3175, Target: 1.3045, Stop: 1.3180
Position : – Short at 1.3175
Target : – 1.3045
Stop : – 1.3180
New strategy :
Hold short entered at 1.3175, Target: 1.3045, Stop: 1.3180
Position : – Short at 1.3175
Target : – 1.3045
Stop : – 1.3180
As the British pound found support at 1.3109 yesterday and rebounded again, suggesting further consolidation would be seen but as long as resistance at 1.3178 holds, prospect of another decline remains, below said support at 1.3109 would signal the rebound from 1.3039 has ended, bring further fall to 1.3060-65, then retest of said support. Looking ahead, only a drop below 1.3027 low would confirm early downtrend has resumed for weakness to psychological support at 1.3000, then towards 1.2970-75.
In view of this, we are holding on to our short position entered at 1.3175. Above 1.3175-80 would risk gain to 1.3200, break there would defer and prolong choppy trading, risk a stronger rebound to 1.3235-40 first.

Author: Action ForexMore from the author

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Original Article