GBP/USD – 1.2906
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2884
Kijun-Sen level : 1.2875
Ichimoku cloud top : 1.2887
Ichimoku cloud bottom : 1.2880
Original strategy :
Sell at 1.2935, Target: 1.2835, Stop: 1.2970
Position : –
Target : –
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As cable has staged a strong rebound after marginal fall to 1.2832, suggesting consolidation above this level would be seen and another corrective bounce to 1.2932-33 (50% Fibonacci retracement of 1.3032-1.2832 and previous support) is likely, above there would suggest a temporary low has possibly been formed, bring a stronger rebound to 1.2955-60 (61.8% Fibonacci retracement) but reckon 1.2990-00 would hold from here.
On the downside, below 1.2870 would bring weakness to 1.2850 but break of said support at 1.2832 is needed to signal recent decline has resumed and extend weakness to 1.2800 and possibly towards 1.2770. As near term outlook is mixed, would be prudent to stand aside in the meantime.
