GBP/USD – 1.2980
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2993
Kijun-Sen level : 1.2999
Ichimoku cloud top : 1.3006
Ichimoku cloud bottom : 1.2992
Original strategy :
Bought at 1.3000, Target: 1.3100, Stop: 1.2965
Position : – Long at 1.3000
Target : – 1.3100
Stop : – 1.2965
New strategy :
Hold long entered at 1.3000, Target: 1.3100, Stop: 1.2965
Position : – Long at 1.3000
Target : – 1.3100
Stop : – 1.2965
Although cable has retreated again today, as long as 1.2965-70 holds, further consolidation above yesterday’s low at 1.2953 would be seen and prospect of another rebound remains and gain to 1.3059 resistance is likely, however, break there is needed to signal low is possibly formed at 1.2953, bring test of 1.3080-85 (61.8% Fibonacci retracement of 1.3165-1.2953), break there would add credence to this view, bring a stronger rebound to 1.3110-20 but resistance at 1.3165 should remain intact.
In view of this, we are holding on to our long position entered at 1.3000. Below 1.2965-70 would signal decline has resumed and extend the fall from 1.3269 top towards previous chart support at 1.2933 but reckon 1.2900 would hold from here, risk from there has increased for a rebound to take place later.
