GBP/USD – 1.3577
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.3595
Kijun-Sen level : 1.3518
Ichimoku cloud top : 1.3359
Ichimoku cloud bottom : 1.3302
Original strategy :
Buy at 1.3490, Target: 1.3600, Stop: 1.3455
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3420, Target: 1.3600, Stop: 1.3385
Position : –
Target : –
Stop : –
Although cable edged higher in London morning to 1.3619, lack of follow through buying on break of Friday’s high at 1.3617 and current retreat suggest consolidation with initial mild downside bias would be seen and pullback to the Kijun-Sen (now at 1.3518) cannot be ruled out, however, reckon downside would be limited to 1.3420-30 and bring another rise later, above said resistance at 1.3619 would extend recent upmove to 1.3650 and possibly towards 1.3675 but upside should be limited to 1.3700-10, bring retreat later.
In view of this, would not chase this rise here and would be prudent to buy cable on subsequent pullback as 1.3420-30. Only below 1.3380-85 would defer and signal a temporary top is formed, bring retracement of recent rise to 1.3350, then 1.3320-25 but lower Kumo (now at 1.3302) should remain intact.
