GBP/USD – 1.3216
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3221
Kijun-Sen level : 1.3180
Ichimoku cloud top : 1.3114
Ichimoku cloud bottom : 1.3106
Original strategy :
Buy at 1.3130, Target: 1.3230, Stop: 1.3095
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3130, Target: 1.3230, Stop: 1.3095
Position : –
Target : –
Stop : –
Yesterday’s rally above previous resistance at 1.3159 confirms recent upmove has resumed and upside bias is seen for further gain to 1.3250, however, near term overbought condition should prevent sharp move beyond 1.3275-80 and reckon 1.3300-10 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 upper Kumo (now at 1.3114) should contain downside, bring another upmove later. Only below indicated support at 1.3097 would abort and signal a temporary top is possibly formed, bring further fall towards previous support at 1.3052.
