Trade Idea : GBP/USD - Buy at 1.2960
|GBP/USD - 1.2990
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2961
Kijun-Sen level : 1.2963
Ichimoku cloud top : 1.2998
Ichimoku cloud bottom : 1.2980
New strategy :
Buy at 1.2960, Target: 1.3060, Stop: 1.2925
Position : -
Target : -
Stop : -
As cable found good support at 1.2926 yesterday and has staged a rebound, suggesting the retreat from 1.3043 has ended there and consolidation with upside bias is seen for gain towards resistance at 1.3043-48, however, break there is needed to confirm early upmove has resumed and extend headway to 1.3075-80 and possibly towards 1.3100-10 later.
In view of this, we are looking to buy cable on dips. Below said support at 1.2926 would abort and risk weakness to 1.2900 but break of indicated support at 1.2889 is needed to signal top has been formed at 1.3048 earlier, bring retracement of recent upmove to 1.2850-55 first.
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