GBP/USD – 1.2863
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2877
Kijun-Sen level : 1.2899
Ichimoku cloud top : 1.2946
Ichimoku cloud bottom : 1.2946
Original strategy :
Sold at 1.2900, Target: 1.2800, Stop: 1.2935
Position : – Short at 1.2900
Target : – 1.2800
Stop : – 1.2935
New strategy :
Hold short entered at 1.2900, Target: 1.2800, Stop: 1.2935
Position : – Short at 1.2900
Target : – 1.2800
Stop : – 1.2935
As cable has remained under pressure after dropping sharply yesterday, adding credence to our bearish view that top is formed at 1.2991 earlier and consolidation with downside bias remains for further fall to 1.2831 support, break there would provide confirmation and extend the fall from 1.2991 top to 1.2805 and later towards 1.2770 but reckon previous support at 1.2757 would hold from here.
In view of this, we are holding on to our short position entered at 1.2900Above 1.2925-30 would risk test of 1.2950-60 but break there is needed to signal low is formed, bring another bounce towards 1.2988-91 resistance but break of 1.2999-00 (1.236 times projection of 1.2109-1.2616 measuring from 1.2365 and psychological resistance) is needed to revive bullishness.
