GBP/USD – 1.2940
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2949
Kijun-Sen level : 1.2943
Ichimoku cloud top : 1.2912
Ichimoku cloud bottom : 1.2901
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although cable’s rally after finding renewed buying interest at 1.2866 earlier this week confirms the correction from 1.2991 has ended at 1.2844 earlier and retest of this level would be seen, however, above indicated level of 1.2999-00 (1.236 times projection of 1.2109-1.2616 measuring from 1.2365 and psychological resistance) is needed to retain bullishness and signal early upmove has resumed for headway to 1.3040-50, then 1.3075-80.
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, however, price should stay above said support at 1.2844.
