GBP/USD – 1.2943
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2960
Kijun-Sen level : 1.2962
Ichimoku cloud top : 1.2935
Ichimoku cloud bottom : 1.2898
Original strategy :
Buy at 1.2905, Target: 1.3005, Stop: 1.2870
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2900, Target: 1.3000, Stop: 1.2865
Position : –
Target : –
Stop : –
As cable has retreated after rising to 1.2991 earlier today, suggesting consolidation below this level would be seen and pullback to 1.2920 cannot be rule out, however, reckon 1.2895-00 would limit downside and bring another rise later, above said resistance would extend recent upmove to 1.2999-00 (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.
