GBP/USD – 1.2589
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2573
Kijun-Sen level : 1.2563
Ichimoku cloud top : 1.2536
Ichimoku cloud bottom : 1.2530
Original strategy :
Buy at 1.2480, Target: 1.2580, Stop: 1.2445
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2510, Target: 1.2610, Stop: 1.2475
Position : –
Target : –
Stop : –
As cable found renewed buying interest at 1.2500 late last week and has surged again, adding credence to our bullish view that recent upmove is still in progress and upside bias remains for last week’s rise from 1.2365 to extend gain to previous resistance at 1.2616, however, break there is needed to retain bullishness and bring subsequent upmove to 1.2650-60 which is likely to hold on first testing due to near term overbought condition.
In view of this, would not chase this rise here and would be prudent to buy cable on pullback as said support at 1.2500 should limit downside and bring another upmove later. Below another previous support at 1.2481 would abort and suggest top is formed, risk test of 1.2433 (previous resistance) later.
