GBP/USD – 1.2939
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2921
Kijun-Sen level : 1.2887
Ichimoku cloud top : 1.2905
Ichimoku cloud bottom : 1.2887
Original strategy :
Buy at 1.2790, Target: 1.2910, Stop: 1.2755
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2865, Target: 1.2965, Stop: 1.2830
Position : –
Target : –
Stop : –
Although cable has staged a strong rebound after finding support at 1.2831 yesterday, break of indicated resistance at 1.2948 is needed to signal the pullback from 1.2965 has ended at 1.2831, bring retest of 1.2965, once this level is penetrated, this would confirm recent upmove has resumed and extend further gain to 1.2990-00 (1.236 times projection of 1.2109-1.2616 measuring from 1.2365 and psychological resistance), then towards 1.3040-50.
In view of this, would not chase this rise here and would be prudent to buy cable on pullback as 1.2860-65 should limit downside and bring another rise later. Only break of said support at 1.0831 would abort and signal a temporary top has been formed, bring retracement of recent upmove to 1.2790-95 (38.2% Fibonacci retracement of 1.2515-1.2965) but support at 1.2740-50 (50% Fibonacci retracement) should hold.
