GBP/USD – 1.2682
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2668
Kijun-Sen level : 1.2704
Ichimoku cloud top : 1.2807
Ichimoku cloud bottom : 1.2724
New strategy :
Look to sell again higher
Position : –
Target : –
Stop : –
As the British pound has recovered after holding above indicated support at 1.2635, retaining our view that further consolidation would be seen and test of the Kijun-Sen (now at 1.2704) cannot be ruled out, above there would bring corrective bounce to 1.2735-45, however, still reckon upside would be limited to 1.2780 and price should falter below 1.2805-10, bring another decline later.
Below said support at 1.2635 would confirm recent decline has resumed for weakness to 1.2616 (previous resistance turned support) and possibly towards 1.2575-80 but reckon downside would be limited to 1.2550. As near term outlook is mixed, would be prudent to stand aside for now.
