GBP/USD – 1.2941
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2946
Kijun-Sen level : 1.2959
Ichimoku cloud top : 1.2961
Ichimoku cloud bottom : 1.2911
Original strategy :
Buy at 1.2900, Target: 1.3000, Stop: 1.2865
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.2960, Target: 1.2860, Stop: 1.2995
Position : –
Target : –
Stop : –
Although cable rose to as high as 1.2991 yesterday, the subsequent retreat suggests consolidation below this level would be seen and pullback to 1.2900-10 is likely, however, break there is needed to suggest top is possibly formed, bring further fall to 1.2875-80 but price should stay well above last week’s low at 1.2831, risk from there is seen for another rebound later.
In view of this, we are looking to turn short on recovery. Above said resistance at 1.2991 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.
