Commerce Concept Replace: GBP/USD - Promote at 1.4865

Candlesticks and Ichimoku Intraday | Written by Action Forex | Dec 30 15 13:58 GMT
GBP/USD – 1.4808

Original strategy :

Sell at 1.4865, Target: 1.4760, Stop: 1.4900

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.4865, Target: 1.4760, Stop: 1.4900

Position : –

Target :  –

Stop : –

As the British pound has rebounded after resuming recent decline to 1.4785 yesterday, suggesting consolidation above this level would be seen and test of 1.4850 cannot be ruled out, however, reckon previous support at 1.4873 would cap upside and bring another decline later. A break of said support at 1.4785 would extend recent decline to 1.4750-55 but oversold condition should limit downside to 1.4725-30 and reckon 1.4700 would hold, bring rebound later.

In view of this, we are looking to sell cable on recovery but at a higher level as 1.4865-70 should limit upside. Above the upper Kumo (now at 1.4883) would risk test of resistance at 1.4914 (yesterday’s high) but break there is needed to signal low is formed instead, risk a stronger rebound to 1.4945-50 resistance area.

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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

Commerce Concept Replace: GBP/USD - Promote at 1.4865