GBP/USD – 1.2971
Original strategy :
Buy at 1.2920, Target: 1.3020, Stop: 1.2885
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2920, Target: 1.3020, Stop: 1.2885
Position : –
Target : –
Stop : –
As cable has continued trading with a firm undertone after this week’s rally, adding credence to our bullish view that recent upmove is still in progress and may extend further gain towards recent high 1.3048, however, loss of near term upward momentum should prevent sharp move beyond 1.3075-80 today and reckon 1.4100 would hold on first testing, risk from there has increased for a retreat to take place later.
In view of this, we are looking to buy cable again on pullback as support at 1.2916 should limit downside and bring another rally. Below 1.2890-95 would defer and risk test of previous resistance at 1.2861, break there would suggest a temporary top is formed instead, risk weakness to 1.2830-35 but support at 1.2794 should remain intact.
