GBP/USD – 1.2928
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2927
Kijun-Sen level : 1.2906
Ichimoku cloud top : 1.2873
Ichimoku cloud bottom : 1.2872
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although sterling has edged higher again in part due to cross-buying in pound and gain to 1.2950-55 and possibly towards 1.2970 cannot be ruled out, as broad outlook remains consolidative, reckon upside would be limited to 1.3000 and near term overbought condition would cap price below indicated previous resistance at 1.3015, bring retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside for now. Below 1.2890-95 would bring test of 1.2845-50 but break of latter level is needed to signal top is formed, bring test of 1.2830 support, once this level is penetrated, this would signal the rebound from 1.2769 has ended, bring further fall to 1.2800, however, said support at 1.2769 should remain intact.
