GBP/USD – 1.2872
Original strategy :
Bought at 1.2855, Target: 1.2955, Stop: 1.2820
Position : – Long at 1.2855
Target : – 1.2955
Stop : – 1.2820
New strategy :
Hold long entered at 1.2855, Target: 1.2955, Stop: 1.2820
Position : – Long at 1.2855
Target : – 1.2955
Stop : – 1.2820
Although cable has dropped again after brief recovery and near term downside risk remains for the fall from 1.2979 (this week’s high) to extend marginal weakness, reckon downside would be limited to 1.2850-52 (61.8% Fibonacci retracement of 1.2774-1.2979) and bring rebound later, above 1.2935-40 would signal the retreat from 1.2979 has ended, bring retest of this level first.
In view of this, we are holding on to our long position entered at 1.2855. Below previous resistance at 1.2837 would defer and signal first leg of upmove from 1.2774 has ended, risk weakness to support at 1.2813 but price should stay well above support at 1.2774, bring another rebound later.
