#12740

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Trade Idea Update: GBP/USD - Exit short entered at 1.2700 and sell at 1.2740

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Trade Idea Update: GBP/USD - Exit short entered at 1.2700 and sell at 1.2740

Candlesticks and Ichimoku Intraday |

Written by Action Forex |

Dec 08 16 10:40 GMT

GBP/USD – 1.2690

Original strategy :

Sold at 1.2700, Target: 1.2580, Stop: 1.2735

Position : – Short at 1.2700

Target :  – 1.2580

Stop : – 1.2735

New strategy  :

Exit short entered at 1.2700 and

Sell at 1.2740, Target: 1.2620, Stop: 1.2775

Position : – Short at 1.2700

Target :  –

Stop : –

As cable has staged a strong rebound after finding renewed buying interest at 1.2616, suggesting near term upside risk remains for further gain to 1.2730-40, however, if our view that a temporary top formed at 1.2775 earlier this week is correct, upside would be limited and as long as this level holds, prospect of another retreat remains, below 1.2650 would bring test of 1.2616 but break there is needed to signal the rebound from 1.2570 (yesterday’s low) has ended, bring another test of this level first.

In view of this, would be prudent to exit short entered at 1.2700 and look to sell cable again on further rise. Only above said resistance at 1.2775 would signal recent upmove has resumed and extend gain to 1.2800-10 first.

About the Author

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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