GBP/USD – 1.2726
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2726
Kijun-Sen level : 1.2700
Ichimoku cloud top : 1.2673
Ichimoku cloud bottom : 1.2649
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Cable’s intra-day rebound dampened our bearishness and suggests a temporary ow has been formed at 1.2589, hence upside risk remains for this move to bring retracement of recent decline to 1.2755-60, however, reckon upside would be limited to 1.2780-85 (50% Fibonacci retracement of 1.2978-1.2589) and price should falter well below resistance at 1.2818, bring another selloff next week.
In view of this, would not chase this move here and would be prudent to stand aside for now. Below 1.2690-95 would bring weakness towards 1.2640-50 but break of latter level is needed to signal the rebound from 1.2589 has ended, bring retest of this level later.
