GBP/USD – 1.3081
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3079
Kijun-Sen level : 1.3106
Ichimoku cloud top : 1.3105
Ichimoku cloud bottom : 1.3079
Original strategy :
Exit long entered at 1.3085
Position : – Long at 1.3085
Target : –
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite yesterday’s marginal rise to 1.3159, the subsequent sharp retreat suggests top has possibly been formed there and downside risk has increased for retracement of recent upmove to 1.3035-40, however, only break of support at 1.2999 would confirm recent upmove has ended, bring further fall to 1.2980 and later towards 1.2955-60.
In view of this, would be prudent to stand aside in the meantime. Above 1.3110-20 would bring recovery to 1.3140 but only break of said resistance at 1.3159 would revive bullishness and signal recent upmove has resumed for headway to 1.3185-90 and then 1.3210-20.
