GBP/USD – 1.2943
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2958
Kijun-Sen level : 1.2955
Ichimoku cloud top : 1.2947
Ichimoku cloud bottom : 1.2933
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although cable rebounded to 1.2988 in London morning, the subsequent retreat has retained our view that further consolidation below resistance at 1.2991 would be seen and weakness to 1.2920 cannot be ruled out, however, reckon downside would be limited to support at 1.2903 and bring another rise to 1.2999-00 (1.236 times projection of 1.2109-1.2616 measuring from 1.2365 and psychological resistance), break there would signal recent upmove has resumed and extend further rise to 1.3040-50, then towards 1.3075-80 which is likely to hold from here due to near term overbought condition.
In view of this, would be prudent to stand aside in the meantime. Below said support at 1.2903 would revive near term bearishness and suggest a temporary top has been formed at 1.2991, bring correction to 1.2875-80 but price should stay well above last week’s low at 1.2831.
