Trade Idea: GBP/USD - Sell at 1.5420

Candlesticks and Ichimoku Intraday |

Written by Action Forex | Feb 23 15 07:43 GMT
GBP/USD - 1.5380


Most recent candlesticks pattern   : N/A
Trend                                 : Near term up

Tenkan-Sen level                  : 1.5382
Kijun-Sen level                     :1.5389
Ichimoku cloud top                  :1.5429
Ichimoku cloud bottom                 :1.5411

New strategy  :
Sell at 1.5420, Target: 1.5320, Stop: 1.5455
Position : -
Target :  -
Stop : -

Although the British pound resumed recent rise and surged to 1.5480 last week, the subsequent retreat suggests top has possibly been formed there and consolidation with mild downside bias is seen, break of Friday's low at 1.5344 would bring test of last week's low at 1.5316 but break there is needed to add credence to this view, bring further weakness to 1.5300 (previous resistance), then towards 1.5270.
In view of this, we are looking to sell cable on recovery as resistance at 1.5421 should limit upside. Above 1.5450-55 would shift risk back to upside for retest of last week's high at 1.5480, break there would extend recent rise from 1.4951 low to 1.5500 but price should falter below 1.5550-60 (100% projection of 1.4951-1.5352 measuring from 11.5197), bring another retreat later.

 
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