GBP/USD – 1.2884
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2922
Kijun-Sen level : 1.2924
Ichimoku cloud top : 1.2927
Ichimoku cloud bottom : 1.2926
New strategy :
Stand aside
Position : –
Target : –
Stop : –
The British pound has slipped again after meeting renewed selling interest at 1.2984 and broke below previous support at 1.2893, suggesting top has been formed at 1.3030, hence consolidation with downside bias remains for retracement of recent upmove and weakness to 1.2850, then 1.2830-35 (50% Fibonacci retracement of 1.2640-1.3030) but reckon 1.2789-94 (61.8% Fibonacci retracement and previous support) would hold from here.
In view of this, would not chase this fall here and would be prudent to stand aside for now. Above 1.2920-25 would brig recovery to 1.2950 but only break of 1.2984 would signal the pullback from 1.3030 has ended, bring subsequent retest of this level possibly next week.
