Trade Idea : GBP/USD - Stand aside

Candlesticks and Ichimoku Intraday |

Written by Action Forex |

Nov 25 16 07:57 GMT

GBP/USD – 1.2439

Most recent candlesticks pattern   : N/A

Trend                                 : Near term down

Tenkan-Sen level                 : 1.2452

Kijun-Sen level                    : 1.2449

Ichimoku cloud top              : 1.2432

Ichimoku cloud bottom        : 1.2424

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

As cable found support at 1.2360 earlier and recovered, retaining our view that further consolidation above last week’s low at 1.2302 would take place and near term upside risk remains and test of indicated resistance at 1.2515 cannot be ruled out, however, break there is needed to signal the fall from 1.2674 has ended, bring a stronger rebound to 1.2550-60 but price should falter below 1.2600.

As near term outlook is still mixed, would be prudent to stand aside for now. Below 1.2400 would bring test of said support at 1.2360 but only break there would signal the rebound from 1.2302 has ended, bring retest of this level first.

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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

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Trade Idea : GBP/USD - Stand aside