GBP/USD – 1.2961
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2928
Kijun-Sen level : 1.2924
Ichimoku cloud top : 1.2911
Ichimoku cloud bottom : 1.2898
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although sterling has risen again after brief pullback and near term upside risk remains for the erratic rise from 1.2769 to extend gain to 1.2980-85, however, as broad outlook remains consolidative, reckon upside would be limited to 1.3000 and indicated previous resistance at 1.3015 should remain intact. Only a break of 1.3015 would signal early upmove has resumed and bring retest of 1.3048.
In view of this, would not chase this move here and would be prudent to stand aside for now. Below the Kijun-Sen (now at 1.2924) would bring test of 1.2885-90 but only break of support at 1.2871 would signal top is formed, bring weakness towards key support at 1.2830.
