Trade Idea Update: GBP/USD - Sell at 1.2435

Candlesticks and Ichimoku Intraday |

Written by Action Forex |

Nov 23 16 14:17 GMT

GBP/USD – 1.2380

New strategy  :

Sell at 1.2435, Target: 1.2335, Stop: 1.2470

Position : –

Target :  –

Stop : –

As cable has fallen again after brief recovery, suggesting the rebound from last week’s low at 1.2302 has possibly ended at 1.2513 and weakness to 1.2345-50 cannot be ruled out, however, break of said support at 1.2302 is needed to retain bearishness and signal recent decline has resumed, then further fall to 1.2270-75 would follow.

In view of this, we are looking to sell cable on recovery as 1.2435-40 should limit upside. Above 1.2450-60 would prolong consolidation, risk another bounce to 1.2490-00 but only break of 1.2515 resistance would signal the fall from 1.2674 has ended, bring a stronger rebound to 1.2550-60.

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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 - Sell at 1.2435