GBP/USD – 1.2938
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2938
Kijun-Sen level : 1.2957
Ichimoku cloud top : 1.2945
Ichimoku cloud bottom : 1.2938
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As cable has retreated after faltering below resistance at 1.2991 resistance, retaining our view that further consolidation below this level 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.
