GBP/USD – 1.2947
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2958
Kijun-Sen level : 1.2982
Ichimoku cloud top : 1.2998
Ichimoku cloud bottom : 1.2986
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the British pound has remained under pressure, adding credence to our bearish view that the decline from 1.3269 top is still in progress for retracement of early upmove, hence downside bias remains for test of previous chart support at 1.2933 but break there is needed to bring further fall to 1.2900, having said that, near term oversold condition should limit downside to 1.2870-75 and 1.2850 should hold from here, bring rebound later.
In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above 1.2990 would bring another bounce towards resistance at 1.3032 but break there is needed to signal a temporary low is formed, bring correction back to resistance at 1.3059 first.
