GBP/USD – 1.2925
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2897
Kijun-Sen level : 1.2899
Ichimoku cloud top : 1.2926
Ichimoku cloud bottom : 1.2915
Original strategy :
Buy at 1.2790, Target: 1.2910, Stop: 1.2755
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2790, Target: 1.2910, Stop: 1.2755
Position : –
Target : –
Stop : –
Although cable has rebounded after finding support at 1.2864 and consolidation with mild upside bias is seen or gain to 1.2937 resistance, however, a firm break above there is needed to signal the pullback from 1.2965 has ended, bring retest of this level later, bring retest of this level first, then towards 1.2990-00 (1.236 times projection of 1.2109-1.2616 measuring from 1.2365 and psychological resistance). If said resistance continues to hold, further consolidation would take place and another leg of corrective fall to 1.2840-45, then towards support at 1.2805 but reckon downside would be limited to 1.2790-95 (38.2% Fibonacci retracement of 1.2515-1.2965) and bring rebound later.
In view of this, would not chase this rise here and would be prudent to buy cable on further subsequent pullback as downside should be limited to 1.2790-95. A drop below previous support at 1.2757 would abort and signal top is formed instead, bring correction to 1.2740 (50% Fibonacci retracement of 1.2515-1.2965) first.
