GBP/USD – 1.2730
Most recent candlesticks pattern  : N/A
Trend                                : Near term down
Tenkan-Sen level                : 1.2729
Kijun-Sen level                   : 1.2733
Ichimoku cloud top             : 1.2734
Ichimoku cloud bottom       : 1.2705
New strategy :
Stand aside
Position : –
Target :Â –
Stop : –
As cable has retreated after rising to 1.2760, suggesting consolidation below this level would be seen, however, near term upside risk remains for the move from 1.2589 low to bring retracement of recent decline to 1.2780-85 (50% Fibonacci retracement of 1.2978-1.2589) but reckon upside would be limited to 1.2800 and price should falter below resistance at 1.2818, bring another selloff later.
In view of this, would not chase this move here and would be prudent to stand aside for now. Below 1.2700-05 would bring weakness towards 1.2675-80 but break of latter level is needed to signal the rebound from 1.2589 has ended, bring further fall towards support at 1.2640 which is likely to hold on first testing.
