GBP/USD – 1.3043
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3099
Kijun-Sen level : 1.3099
Ichimoku cloud top : 1.3191
Ichimoku cloud bottom : 1.3191
Original strategy :
Sell at 1.3130, Target: 1.3030, Stop: 1.3165
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3110, Target: 1.3010, Stop: 1.3145
Position : –
Target : –
Stop : –
As cable met renewed selling interest at 1.3165 and has dropped sharply on dollar’s broad-based rebound, suggesting the selloff from 1.3269 top is still in progress and may extend weakness to 1.3005-10 (100% projection of 1.3269-1.3112 measuring from 1.3165), below there would extend weakness to support at 1.2999, then 1.2986 (61.8% Fibonacci retracement of 1.2812-1.3269) but reckon 1.2955-60 would hold from here.
In view of this, we are looking to sell cable on recovery as previous support at 1.3112 should limit upside. Only break of 1.3165 is needed to signal low is formed instead, bring a stronger rebound to 1.3200 but upside should be limited to 1.3240-50 and price should falter below said resistance at 1.3269.
