GBP/USD – 1.3016
New strategy :
Buy at 1.2945, Target: 1.3045, Stop: 1.2910
Position : –
Target : –
Stop : –
Current rally above indicated psychological resistance at 1.3000 confirms recent upmove has resumed and bullishness is seen for further gain to 1.3050, then 1.3075-80, however, near term overbought condition should prevent sharp move beyond 1.3100-10, risk from there has increased for a retreat to take place later.
In view of this, would not chase this rise here and would be prudent to buy cable on pullback as support at 1.2933 should limit downside and bring another upmove. Below 1.2900-10 would abort and signal top is formed instead, bring weakness towards support at 1.2866, however, price should stay above said support at 1.2844.
