GBP/USD – 1.2926
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2883
Kijun-Sen level : 1.2865
Ichimoku cloud top : 1.2747
Ichimoku cloud bottom : 1.2743
Original strategy :
Bought at 1.2845, met target at 1.2945
Position : – Long at 1.2845
Target : – 1.2945
Stop : –
New strategy :
Buy at 1.2860, Target: 1.2970, Stop: 1.2825
Position : –
Target : –
Stop : –
As cable did rally after breaking resistance at 1.2861 (now support) on active cross-buying in sterling, adding credence to our bullish view that recent upmove from 1.2589 low is still in progress and may extend further gain to 1.2980-85 (1.618 times projection of 1.2589-1.2760 measuring from 1.2706), then towards psychological resistance at 1.3000, however, reckon upside would be limited to 1.3025-30 and price should falter below 1.3050 today.
In view of this, we are looking to buy cable again on pullback as previous resistance at 1.2861 should limit downside. Below 1.2830-35 would defer and suggest an intra-day top is formed instead, risk weakness towards support at 1.2794 but 1.2760 (previous resistance turned support) should remain intact.
