GBP/USD – 1.3180
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3149
Kijun-Sen level : 1.3149
Ichimoku cloud top : 1.3099
Ichimoku cloud bottom : 1.3096
Original strategy :
Exit long entered at 1.3085
Position : – Long at 1.3085
Target : –
Stop : –
New strategy :
Buy at 1.3130, Target: 1.3230, Stop: 1.3095
Position : –
Target : –
Stop : –
Current rally in NY morning together with the breach of previous resistance at 1.3159 confirm recent upmove has resumed and upside bias is seen for further gain to 1.3210-20, then towards 1.3240-50, however, near term overbought condition should prevent sharp move beyond 1.3275-80 and reckon 1.3300 would hold from here, risk from there has increased for a retreat to take place later.
In view of this, would not chase this rise here and would be prudent to buy cable on pullback as the Tenkan-Sen (now at 1.3149) should limit downside, bring another upmove later. Below 1.3110-15 would defer and risk test of support at 1.3097 but only break there would signal a temporary top is possibly formed, bring further fall towards previous support at 1.3052.
