GBP/USD – 1.2915
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2925
Kijun-Sen level : 1.2912
Ichimoku cloud top : 1.2908
Ichimoku cloud bottom : 1.2893
Original strategy :
Sold at 1.2925, Target: 1.2825, Stop: 1.2960
Position : – Short at 1.2925
Target : – 1.2825
Stop : – 1.2960
New strategy :
Hold short entered at 1.2925, Target: 1.2825, Stop: 1.2960
Position : – Short at 1.2925
Target : – 1.2825
Stop : – 1.2960
Although cable found support at 1.2866 yesterday and rebounded on dollar’s broad-based weakness, outlook remains consolidative and as long as indicated resistance at 1.2958 holds, prospect of another retreat remains, below said support at 1.2866 would signal the rebound from 1.2844 has ended, however, break there is needed to extend the fall from 1.2991 to 1.2831 support, then 1.2805.
In view of this, we are holding on to our short position entered at 1.2925. A firm break above said resistance at 1.2958 would abort and suggest correction from 1.2991 has ended at 1.2844, bring further gain to 1.2970 but said resistance at 1.2991 should hold on first testing. 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 bring resumption of upmove for headway to 1.3040-50 first.
