GBP/USD – 1.2800
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2810
Kijun-Sen level : 1.2816
Ichimoku cloud top : 1.2864
Ichimoku cloud bottom : 1.2858
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although cable has remained under pressure after resuming recent decline and near term downside risk remains for weakness to 1.2775-80 (38.2% Fibonacci retracement of 1.1986-1.3269), loss of downward momentum should prevent sharp fall below 1.2750 and reckon 1.2725-30 would limit downside, price should stay above 1.2700-05 (100% projection of 1.3269-1.2940 measuring from 1.3032) and risk from there is seen for a rebound to take place later.
In view of this, would not chase this fall here and would be prudent to stand aside for now. Above 1.2840-45 would suggest a temporary low is possibly formed, bring rebound to 1.2870-75 and then 1.2890 but reckon resistance at 1.2917-18 would hold from here, bring another decline.
