GBP/USD – 1.2951
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2947
Kijun-Sen level : 1.2969
Ichimoku cloud top : 1.2947
Ichimoku cloud bottom : 1.2929
Original strategy :
Bought at 1.2945, stopped at 1.2910
Position : – Long at 1.2945
Target : –
Stop : – 1.2910
New strategy :
Sell at 1.2990, Target: 1.2890, Stop: 1.3025
Position : –
Target : –
Stop : –
Although cable resumed recent upmove to as high as 1.3048, the subsequent stronger-than-expected retreat to 1.2889 suggests top is possibly formed there and consolidation with mild downside bias is seen, break of said support would add credence to this view and extend weakness to support at 1.2866, however, reckon another previous support at 1.2844 would hold from here.
In view o this, we are looking to turn short on recovery as 1.2990-00 should limit upside, bring another decline later. Above 1.3020-25 would risk retest of said resistance at 1.3048 but break there is needed to revive bullishness and signal upmove has once again resumed for headway to 1.3075-80 and possibly 1.3100-10.
