GBP/USD – 1.2888
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2894
Kijun-Sen level : 1.2867
Ichimoku cloud top : 1.2806
Ichimoku cloud bottom : 1.2805
Original strategy :
Buy at 1.2755, Target: 1.2855, Stop: 1.2720
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2850, Target: 1.2950, Stop: 1.2815
Position : –
Target : –
Stop : –
Although cable has retreated after intra-day initial brief rise to 1.2939, as last week’s rebound from 1.2774 suggests a temporary low has possibly been formed there, reckon downside would be limited to 1.2850 and bring another rebound later, above said resistance at 1.2939 would add credence to this view and extend the rise from 1.2774 low for retracement of recent decline to 1.2970-80, then towards 1.3000 but price should falter below previous resistance at 1.3032.
In view of this, we are looking to buy sterling on pullback as 1.2850 should limit downside. Below previous resistance at 1.2837 would defer and risk test of 1.2810-15 but only break there would abort and signal the rebound from 1.2774 (last week’s low) has ended instead, risk weakness to 1.2775-80 first.
