GBP/USD – 1.2229
Most recent candlesticks pattern  : N/A
Trend                                : Near term down
Tenkan-Sen level                : 1.2206
Kijun-Sen level                   : 1.2183
Ichimoku cloud top             : 1.2195
Ichimoku cloud bottom       : 1.2183
New strategy :
Buy at 1.2155, Target: 1.2255, Stop: 12120
Position : –
Target :Â –
Stop : –
Although cable resumed recent decline and extend weakness to 1.2109 yesterday, the subsequent rebound suggests low is possibly formed there and consolidation with upside bias is seen for gain to 1.2260-65, above there would add credence to this view, bring retracement of recent decline to 1.2290-95 (50% Fibonacci retracement of 1.2479-1.2109), however, resistance at 1.2301 should limit upside and price should falter below 1.2335-40 (61.8% Fibonacci retracement), bring another decline later.
In view of this, we are looking to buy cable on dips. Only below said support at 1.2109 would extend recent decline to 1.2090, however, loss of downward momentum should prevent sharp fall below 1.2070 and reckon 1.2040-50 would hold from here, sterling may stage another rebound from there later.
