GBP/USD – 1.2727
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2699
Kijun-Sen level : 1.2688
Ichimoku cloud top : 1.2799
Ichimoku cloud bottom : 1.2715
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 gain to 1.2750-60 cannot be ruled out, however, still reckon upside would be limited to 1.2780 and price should falter below 1.2805-10, bring another decline later.
Below 1.2680-85 would bring weakness to 1.2650 but break of said support at 1.2635 is needed to confirm recent decline has resumed for weakness to 1.2616 (previous resistance turned support) and possibly towards 1.2575-80, however, reckon downside would be limited to 1.2550. As near term outlook is mixed, would be prudent to stand aside for now.
