GBP/USD – 1.2919
Most recent candlesticks pattern  : N/A
Trend                                : Near term up
Tenkan-Sen level                : 1.2900
Kijun-Sen level                   : 1.2882
Ichimoku cloud top             : 1.2919
Ichimoku cloud bottom       : 1.2894
Original strategy :
Sold at 1.2900, Target: 1.2800, Stop: 1.2935
Position : – Short at 1.2900
Target :Â – 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 :Â – 1.2800
Stop : – 1.2935
As cable has rebounded again after finding strong support at 1.2844 on Friday, suggesting near term upside risk remains but as long as 1.2930 holds, further consolidation would take place and bearishness remains for another decline, below 1.2860 would bring retest of 1.2844 support but break there is needed to extend the fall from 1.2991 top to 1.2831 support, break there would bring subsequent weakness to 1.2805 and later towards 1.2770, however, reckon previous support at 1.2757 would hold from here.
In view of this, we are holding on to our short position entered at 1.2900. Above 1.2930 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.
