GBP/USD – 1.3130
Original strategy :
Bought at 1.3130, Target: 1.3230, Stop: 1.3095
Position : – Long at 1.3130
Target : – 1.3220
Stop : – 1.3095
New strategy :
Exit long entered at 1.3130,
Position : – Long at 1.3130
Target : –
Stop : –
Despite intra-day brier rise to 1.3269, lack of follow through buying and current selloff suggests an intra-day top has been formed and consolidation with downside bias is seen for test of support at 1.3097, however, break there is needed to add credence to this view, bring retracement of recent upmove to 1.3070-75 and later towards support at 1.3052 but price should stay well above support at 1.2999, bring another rise later.
In view of this, would be prudent to exit long entered at 1.3130 and stand aside in the meantime. Above 1.3170-75 would bring recovery to 1.3200, however, as temporary top has been formed at 13269, reckon upside would be limited to 1.3220-30 and price should falter well below resistance at 1.3269, bring another retreat later.
