GBP/USD – 1.2157
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2174
Kijun-Sen level : 1.2177
Ichimoku cloud top : 1.2242
Ichimoku cloud bottom : 1.2222
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although cable has fallen again after brief recovery and near term downside risk remains for recent decline to extend further weakness to 1.2120-25 (50% projection of 1.2479-1.2214 measuring from 1.2301), loss of near term downward momentum should prevent sharp fall below 1.2100 and reckon 1.2070-75 would hold from here, risk from there has increased for a rebound to take place later.
In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above 1.2180-85 would bring test of 1.2210-15, however, break there is needed to signal an intra-day low is formed, bring correction to 1.2245-55 but price should falter well below resistance at 1.2301 and bring another selloff.
