GBP/USD – 1.2961
Original strategy :
Sold at 1.2925, stopped at 1.2960
Position : – Short at 1.2925
Target : –
Stop : – 1.2960
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Current break of indicated resistance at 1.2958 has dampened our bearishness and suggests the correction from 1.2991 has ended at 1.2844 earlier, hence further gain towards this level would be seen, however, break there is needed to confirm recent upmove has resumed for gain to 1.2999-00 (1.236 times projection of 1.2109-1.2616 measuring from 1.2365 and psychological resistance) and then headway 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 1.2900-10 would prolong consolidation and risk weakness towards support at 1.2866 but only break there would revive bearishness and signal the rebound from 1.2844 has ended, bring test of this this level, then 1.2831.
