GBP/USD – 1.3013
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3008
Kijun-Sen level : 1.2987
Ichimoku cloud top : 1.3003
Ichimoku cloud bottom : 1.2912
Original strategy :
Buy at 1.2920, Target: 1.3020, Stop: 1.2885
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2920, Target: 1.3020, Stop: 1.2885
Position : –
Target : –
Stop : –
As cable has maintained a firm undertone after last week’s rally, adding credence to our bullish view that recent upmove is still in progress and may extend further gain towards recent high 1.3048, however, loss of near term upward momentum should prevent sharp move beyond 1.3075-80 today and reckon 1.3100 would hold on first testing, risk from there has increased for a retreat to take place later.
In view of this, would not chase this rise here and we are looking to buy cable again on pullback as support at 1.2916 should limit downside and bring another rally. Below 1.2890-95 would defer and risk test of previous resistance at 1.2861, break there would suggest a temporary top is formed instead, risk weakness to 1.2830-35 but support at 1.2794 should remain intact.
