Commerce Concept Wrap-up: GBP/USD - Purchase at 1.3000
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Commerce Concept Wrap-up: GBP/USD - Purchase at 1.3000
Candlesticks and Ichimoku Intraday | Written by Action Forex | Sep 22 16 16:08 GMT GBP/USD – 1.3089
Buy at 1.3030, Target: 1.3135, Stop: 1.2995
Buy at 1.3000, Target: 1.3120, Stop: 1.2965
Cable’s strong rebound from 1.2946 suggests a temporary low has possibly been formed there and consolidation with upside bias is seen for gain to previous support at 1.3138, then 1.3145-50 (50% Fibonacci retracement of 1.3347-1.2946), break there would add credence to this view and extend further gain to 1.3180, however, reckon 1.3190-95 (61.8% Fibonacci retracement) would hold from here.
In view of this, we are still looking to buy cable on pullback as 1.3000 should limit downside. Below there lower Kumo (now at 1.2981) would risk another test of said support at 1.2946 but only break there would signal recent decline has resumed and extend weakness towards 1.2900 (1.236 times projection of 1.3445-1.3138 measuring from 1.3279).
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
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