GBP/USD – 1.2979
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2982
Kijun-Sen level : 1.2992
Ichimoku cloud top : 1.3066
Ichimoku cloud bottom : 1.3033
Original strategy :
Sell at 1.3010, Target: 1.2915, Stop: 1.3045
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3030, Target: 1.2930, Stop: 1.3065
Position : –
Target : –
Stop : –
Cable has dropped after breaking support at 1.3005, suggesting top has been formed at 1.3126, hence consolidation with mild downside bias is seen for weakness to 1.3930-32 (61.8% Fibonacci retracement of 1.2812-1.3126), then test of previous support at 1.2912, however, break of latter level is needed to retain bearishness and extend the fall from 1.3126 top to 1.2880-85 first.
In view of this, we are looking to sell cable on recovery as the lower Kumo (now at 1.3033) should limit upside. Only break of resistance at 1.3062 would abort and signal an intra-day low is formed instead, bring a stronger rebound towards 1.3090-00 but resistance at 1.3126 should remain intact.
