GBP/USD – 1.2743
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2741
Kijun-Sen level : 1.2769
Ichimoku cloud top : 1.2776
Ichimoku cloud bottom : 1.2748
Original strategy :
Sell at 1.2780, Target: 1.2680, Stop: 1.2815
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.2780, Target: 1.2680, Stop: 1.2815
Position : –
Target : –
Stop : –
Cable’s retreat after faltering below indicated resistance at 1.2818 suggests consolidation with downside bias would be seen, a sustained breach below 1.2690 support would retain bearishness and add credence to our view that the rebound from last week’s low at 1.2635 has ended, bring further fall to 1.2650, then towards this support later.
In view of this, we are looking to sell cable on recovery as 1.2780-90 should limit upside. Only break of said resistance at 1.2818 would abort and signal the erratic rise from 1.2635 low is still in progress for gain to 1.2845-50 (61.8% Fibonacci retracement of 1.2978-1.2635) but upside should be limited to 1.2870-80 and price should falter below 1.2900, bring another decline later.
