GBP/USD – 1.2868
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2887
Kijun-Sen level : 1.2884
Ichimoku cloud top : 1.2875
Ichimoku cloud bottom : 1.2872
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As cable has retreated after faltering below resistance at 1.2918, retest of last week’s low at 1.2832 cannot be ruled out, however, break there is needed to revive bearishness and signal recent decline has resumed and extend weakness to 1.2800 and possibly towards 1.2770 but near term oversold condition should limit downside to 1.2750, bring another rebound later.
On the upside, above 1.2900 would bring another test of 1.2918, then 1.2932-33 (50% Fibonacci retracement of 1.3032-1.2832 and previous support) but above there is needed to signal a temporary low has possibly been formed, bring a stronger rebound to 1.2955-60 (61.8% Fibonacci retracement) and later towards 1.2990-00. As near term outlook is mixed, would be prudent to stand aside in the meantime.
