GBP/USD – 1.2892
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2906
Kijun-Sen level : 1.2911
Ichimoku cloud top : 1.2907
Ichimoku cloud bottom : 1.2894
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Sterling’s retreat after yesterday’s brief rise to 1.2950 has retained our view that further consolidation below this level would be seen and pullback to 1.2865-70 cannot be ruled out, however, break of indicated support at 1.2830 is needed to confirm top has been formed and suggest the rebound from 1.2769 has ended, bring further fall to 1.2800.
On the upside, expect recovery to be limited to 1.2925-30 and said resistance at 1.2950 should remain intact, bring another retreat later. Only break there would extend the erratic rise from 1.2769 to 1.2970, however, as broad outlook remains consolidative, reckon upside would be limited to 1.3000 and indicated previous resistance at 1.3015 should remain intact. As near term outlook is still mixed, would be prudent to stand aside for now.
