Trade Idea Update: GBP/USD – Sell at 1.2470


GBP/USD – 1.2417

Most recent candlesticks pattern   : N/A

Trend                                 : Near term down

Tenkan-Sen level                 : 1.2417

Kijun-Sen level                    : 1.2479

Ichimoku cloud top              : 1.2526

Ichimoku cloud bottom        : 1.2497

Original strategy :

Sell at 1.2470, Target: 1.2370, Stop: 1.2505

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.2470, Target: 1.2370, Stop: 1.2505

Position : –

Target :  –

Stop : –

As cable has dropped again after Friday’s selloff, suggesting a test of indicated support at 1.2383-88 cannot be ruled out, however, break there is needed to retain bearishness and extend weakness to 1.2347 but only break there would confirm the decline from 1.2706 top has resumed for further fall to 1.2300-10 first but oversold condition should limit downside to 1.2270-75.

In view of this, we are looking to sell cable on recovery as 1.2470-75 should limit upside. Above 1.2500-05 would defer and risk a stronger rebound to the upper Kumo (now at 1.2526) which is likely to remain intact.

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