GBP/USD – 1.2938
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2918
Kijun-Sen level : 1.2905
Ichimoku cloud top : 1.2854
Ichimoku cloud bottom : 1.2831
Original strategy :
Buy at 1.2830, Target: 1.2945, Stop: 1.2795
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2855, Target: 1.2975, Stop: 1.2820
Position : –
Target : –
Stop : –
As cable has surged again after brief pullback, adding credence to our bullish view that recent upmove has resumed and upside bias remains for further gain to 1.2970-75, then towards 1.2990-00 (1.236 times projection of 1.2109-1.2616 measuring from 1.2365 and psychological resistance), however, overbought condition should prevent sharp move beyond there and risk has increased for a retreat later.
In view of this, would not chase this rise here and would be prudent to buy cable on pullback as downside should be limited to the upper Kumo (now at 1.2854) and bring another rise. Below 1.2815-20 would risk test of support at 1.2805 but break there is needed to signal top is formed, bring correction to 1.2770-75 first.
