GBP/USD – 1.2975
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2966
Kijun-Sen level : 1.2957
Ichimoku cloud top : 1.2904
Ichimoku cloud bottom : 1.2889
Original strategy :
Buy at 1.2885, Target: 1.2985, Stop: 1.2850
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2905, Target: 1.3005, Stop: 1.2870
Position : –
Target : –
Stop : –
As cable has maintained a firm undertone after last week’s late rally above previous resistance at 1.2965, adding credence to our bullish view that recent upmove is still in progress and may 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 which is likely to hold from here 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 1.2900-05 should limit downside and bring another rise later. Below 1.2880 would defer and risk weakness to 1.860-65 but only a break of said support at 1.0831 would signal a temporary top has been formed.
