GBP/USD – 1.2950
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2977
Kijun-Sen level : 1.2971
Ichimoku cloud top : 1.2998
Ichimoku cloud bottom : 1.2986
Original strategy :
Bought at 1.2960, Target: 1.3060, Stop: 1.2925
Position : – Long at 1.2960
Target : – 1.3060
Stop : – 1.2925
New strategy :
Hold long entered at 1.2960, Target: 1.3060, Stop: 1.2925
Position : – Long at 1.2960
Target : – 1.3060
Stop : – 1.2925
Failure to extend intra-day rebound and current retreat from 1.3015 suggest caution on our long position entered at 1.2960 but as long as yesterday’s low at 1.2926 holds, prospect of another rebound remains, above said intra-day high would bring test of strong resistance at 1.3043-48, however, break there is needed to confirm early upmove has resumed and extend headway to 1.3075-80 and possibly towards 1.3100-10 later.
In view of this, we are holding on to our long position entered at 1.2960. Below said support at 1.2926 would abort and risk weakness to 1.2900 but break of indicated support at 1.2889 is needed to signal top has been formed at 1.3048 earlier, bring retracement of recent upmove to 1.2850-55 first.
