Trade Idea Update: GBP/USD - Buy at 1.2235
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Trade Idea Update: GBP/USD - Buy at 1.2235
Candlesticks and Ichimoku Intraday |
Written by Action Forex |
Buy at 1.2225, Target: 1.2325, Stop: 1.2190
Buy at 1.2235, Target: 1.2345, Stop: 1.2200
As the British pound has risen again after brief pullback and broke above previous resistance at 1.2333, adding credence to our view that a possible upside break of early established broad range has occurred and upside bias remains for further gain to 1.2375-80, however, near term overbought condition should limit upside to 1.2400.
In view of this, would not chase this rise here and would be prudent to buy cable on pullback as 1.2225-35 should limit downside. Only below support at 1.2206 would abort and signal an intra-day top is formed, bring weakness towards support at 1.2144 first.
Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 – 0700; 2nd Update: 0930 – 1000; 3rd Update: 1230 – 1300; 4th Update: 1500 – 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF
Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 – 0830; EUR/GBP, USD/CAD: 1430 – 1500 GMT
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