GBP/USD – 1.2650
Original strategy :
Sell at 1.2780, Target: 1.2680, Stop: 1.2815
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.2715, Target: 1.2615, Stop: 1.2750
Position : –
Target : –
Stop : –
As cable has fallen again and broke below indicated support at 1.2690, adding credence to our view that the rebound from last week’s low at 1.2635 has ended at 1.2818 earlier and below this level would extend recent decline to 1.2600-05, however, near term oversold condition would limit downside to 1.2575-80 and reckon 1.2550 would hold from here, risk from there is seen for a rebound later.
In view of this, we are looking to sell cable on recovery but at a lower level as 1.2715-20 should limit upside. Only above 1.2755-60 would abort and suggest an intra-day low is formed instead, bring a stronger rebound to 1.2780 but price should falter below said resistance at 1.2818.
