Trade Idea Wrap-up: GBP/USD – Exit short entered at 1.2470


GBP/USD – 1.2462

Most recent candlesticks pattern   : N/A

Trend                                 : Near term down

Tenkan-Sen level                 : 1.2430

Kijun-Sen level                    : 1.2444

Ichimoku cloud top              : 1.2526

Ichimoku cloud bottom        : 1.2497

Original strategy :

Sold at 1.2470, Target: 1.2370, Stop: 1.2505

Position : – Short at 1.2470

Target :  – 1.2370

Stop : – 1.2505

New strategy  :

Exit short entered at 1.2470,

Position : – Short at 1.2470

Target :  –

Stop : –

Current strong rebound has dampened our bearishness and suggests the fall from 1.2570 has possibly ended at 1.2384 and further choppy trading within early established range would be seen, hence upside risk remains for gain to the lower Kumo (now at 1.2497), then test of the upper Kumo (now at 1.2526), however, as broad outlook remains consolidative, price should falter well below said resistance at 1.2570 (last week’s high), bring retreat later.

In view of this, would be prudent to exit short entered at 1.2470 and stand aside or now. Below the Tenkan-Sen (now at 1.2430) would bring weakness to 1.2400 but break there is needed to revive bearishness, bring test of 1.2383-84 support first, only break there would suggest a possible downside break, extend weakness to 1.2347 support next.

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