GBP/USD – 1.2820
Most recent candlesticks pattern  : N/A
Trend                                : Near term down
Tenkan-Sen level                : 1.2818
Kijun-Sen level                   : 1.2849
Ichimoku cloud top             : 1.2890
Ichimoku cloud bottom       : 1.2875
New strategy :
Stand aside
Position : –
Target :Â –
Stop : –
Although cable has remained under pressure after resuming recent decline and near term downside risk remains for weakness to 1.2790-00, loss of downward momentum should prevent sharp fall below 1.2770 and reckon 1.2750 would limit downside, price should stay above 1.2730-35 and risk from there is seen for a rebound to take place later.
In view of this, would not chase this fall here and would be prudent to stand aside for now. Above the Kijun-Sen (now at 1.2849) would bring test of the lower Kumo (now at 1.2875) but break of the upper Kumo (now at 1.2890) is needed to signal a temporary low is formed, bring a stronger rebound towards resistance at 1.2917-18.
