GBP/USD – 1.2976
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2964
Kijun-Sen level : 1.2895
Ichimoku cloud top : 1.2801
Ichimoku cloud bottom : 1.2784
Original strategy :
Buy at 1.2895, Target: 1.2995, Stop: 1.2860
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2895, Target: 1.2995, Stop: 1.2860
Position : –
Target : –
Stop : –
As cable has risen again after brief pullback, suggesting recent upmove is still in progress and may extend further gain to 1.3010-15, however, loss of near term upward momentum should prevent sharp move beyond previous resistance at 1.3048 and reckon 1.3075-80 would hold on first testing, risk from there has increased for a retreat to take place later.
In view of this, we are looking to buy cable again on pullback as 1.2895-00 should limit downside. Below previous resistance at 1.2861 would defer and suggest a temporary top is formed instead, risk weakness to 1.2830-35 but support at 1.2794 should remain intact.
