Trade Idea Update: GBP/USD - Sell at 1.2330
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Trade Idea Update: GBP/USD - Sell at 1.2330
Candlesticks and Ichimoku Intraday |
Written by Action Forex |
Sell at 1.2330, Target: 1.2230, Stop: 1.2365
Sell at 1.2330, Target: 1.2230, Stop: 1.2365
Although cable edged higher to 1.2363 earlier today, current sharp retreat suggests an intra-day top is possibly formed and consolidation with mild downside bias is seen for test of the upper Kumo (now at 1.2276), then the lower Kumo (now at 1.2246) but break of 1.2220-25 is needed to signal the rebound from 1.2199 (this week’s low) has ended, bring retest of this level later.
In view of this, we are looking to sell cable on recovery. Above said resistance at 1.2363 would abort and extend the rise from 1.2199 low for test of 1.2388-91 resistance, then towards 1.2430 but reckon 1.2450-60 would cap upside.
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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