GBP/USD – 1.2729
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2742
Kijun-Sen level : 1.2771
Ichimoku cloud top : 1.2724
Ichimoku cloud bottom : 1.2704
Original strategy :
Sell at 1.2850, Target: 1.2750, Stop: 1.2885
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.2790, Target: 1.2690, Stop: 1.2825
Position : –
Target : –
Stop : –
As the British pound ran into resistance at 1.2818 yesterday and has retreated on dollar’s broad-based strength after Fed rate hike, suggesting the rebound d from 1.2635 has ended there and consolidation with mild downside bias remains for weakness to 1.2700, however, break of 1.2680 is needed to retain bearishness and bring further fall to 1.2650, then towards said support at 1.2635.
In view of this, we are looking to sell cable on recovery as 1.2790-00 should limit upside. Above said resistance at 1.2818 would defer and risk a strong rebound to 1.2845-50 (61.8% Fibonacci retracement of 1.2978-1.2635) but upside should be limited to 1.2870-80.
