Trade Idea Update: GBP/USD - Buy at 1.2330

Candlesticks and Ichimoku Intraday |

Written by Action Forex |

Nov 03 16 14:14 GMT

GBP/USD – 1.2440

Original strategy :

Buy at 1.2330, Target: 1.2450, Stop: 1.2295

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.2330, Target: 1.2450, Stop: 1.2295

Position : –

Target :  –

Stop : –

As the British pound has surged again after finding renewed buying interest at 1.2279 yesterday, adding credence to our view that the erratic rise from 1.2082 is still in progress and may extend gain towards 1.2500-10, however, near term overbought condition should prevent sharp move beyond 1.2540-50 and reckon 1.2575-80 would hold from here.

In view of this, would not chase this rise here and would be prudent to buy cable on pullback but as 1.2320-30 should limit downside. Only below said support at 1.2279 would abort and signal top is formed instead, risk correction to 1.2240-50 but support at 1.2206 should remain intact.

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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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AUD/USD, EUR/JPY: 0800 – 0830; EUR/GBP, USD/CAD: 1430 – 1500 GMT

Trade Idea Update: GBP/USD - Buy at 1.2330