GBP/USD – 1.2845
Original strategy :
Buy at 1.2780, Target: 1.2880, Stop: 1.2745
Position : –Â
Target :Â –
Stop : –
New strategy :
Buy at market level, Target: 1.2945, Stop: 1.2810
Position : –
Target :Â –
Stop : –
As cable has rebounded again after finding renewed buying interest just below 1.2800 level, suggesting recent upmove from 1.2589 low is still in progress and may extend further gain to 1.2915-20 (1.236 times projection of 1.2589-1.2760 measuring from 1.2706), then towards 1.2945-50, however, reckon upside would be limited to 1.2978-83 (previous resistance and 1.618 times projection) and price should falter below psychological resistance at 1.3000, bring retreat later.Â
In view of this, we would buy cable here and exit on such rise. Below 1.2794 support would abort and signal an intra-day top is formed instead, risk weakness to 1.2760 (previous resistance turned support), then 1.2740 but price should stay well above 1.2706 support,.
