GBP/USD – 1.2635
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2685
Kijun-Sen level : 1.2692
Ichimoku cloud top : 1.2788
Ichimoku cloud bottom : 1.2755
Original strategy :
Sell at 1.2715, Target: 1.2615, Stop: 1.2750
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 1.2635, adding credence to our view that recent decline has resumed and bearishness remains for further fall to 12600-05, then towards 1.2575-80, however, near term oversold condition would limit downside to 1.2550 and reckon 1.2520-25 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 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.
