GBP/USD – 1.2777
Original strategy :
Sold at 1.2790, Target: 1.2690, Stop: 1.2800
Position : – Short at 1.2790
Target : – 1.2690
Stop : – 1.2800
New strategy :
Hold short entered at 1.2790, Target: 1.2690, Stop: 1.2800
Position : – Short at 1.2790
Target : – 1.2690
Stop : – 1.2800
Although the British pound retreated from 1.2818 to yesterday’s low at 1.2690, the subsequent rebound suggests consolidation would be seen, however, as long as 1.2795-00 holds, mild downside bias remains for another fall to 1.2680-90, break there would retain bearishness and signal the rebound from 1.2635 has ended, bring further fall to 1.2650, then towards said support at 1.2635.
In view of this, we are holding on to our short position entered at 1.2790. Only 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.
