GBP/USD – 1.2921
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2911
Kijun-Sen level : 1.2911
Ichimoku cloud top : 1.2897
Ichimoku cloud bottom : 1.2885
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite yesterday’s retreat from 1.2941, as cable has rebounded again after finding support at 1.2881, retaining our view that further choppy trading would take place and another bounce to 1.2941-49 resistance cannot be ruled out, however, a firm break above there is needed to suggest correction from 1.2991 has ended at 1.2844, bring further gain to 1.2970 but said resistance at 1.2991 should hold from here. Only a break of 1.2999-00 (1.236 times projection of 1.2109-1.2616 measuring from 1.2365 and psychological resistance) would revive bullishness and extend recent upmove to 1.3040-50 first.
In view of this, would not chase this rise here and would be prudent to stand aside for now. Below said support at 1.2881 would bring weakness to 1.2860-65 but only break there would revive bearishness for test of 1.2844 support, break there would extend the fall from 1.2991 top to 1.2831 support, then 1.2805.
