Trade Idea Wrap-up: GBP/USD – Buy at 1.2830

GBP/USD – 1.2886

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.2888

Kijun-Sen level                    : 1.2869

Ichimoku cloud top              : 1.2834

Ichimoku cloud bottom        : 1.2818

Original strategy :

Buy at 1.2845, Target: 1.2945, Stop: 1.2810

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.2830, Target: 1.2945, Stop: 1.2795

Position : –

Target :  –

Stop : –

As cable has risen again after finding renewed buying interest at 1.2805, signaling the pullback from 1.2906 has ended at 1.2757 earlier and retest of this level would be seen, break there would confirm recent upmove has resumed for headway o 1.2920-30 (2 times extension of 1.2365-1.2575 measuring from 1.2500), then 1.2950 but reckon 1.2990-00 (1.236 times projection of 1.2109-1.2616 measuring from 1.2365 and psychological resistance) would hold on first testing. 

In view of this, would not chase this rise here and would be prudent to buy cable on pullback as downside should be limited to 1.2825-30. Below said support at 1.2805 would abort and prolong consolidation, then risk another corrective fall to indicated previous support at 1.2757 but price should stay well above 1.2710 (50% Fibonacci retracement of 1.2515-1.2906), bring another rise.