GBP/USD – 1.2920
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2907
Kijun-Sen level : 1.2903
Ichimoku cloud top : 1.2839
Ichimoku cloud bottom : 1.2830
Original strategy :
Buy at 1.2850, Target: 1.2950, Stop: 1.2815
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2850, Target: 1.2950, Stop: 1.2815
Position : –
Target : –
Stop : –
As cable has maintained a firm undertone after intra-day initial brief rise to 1.2939, adding credence to our view that a temporary low has possibly been formed at 1.2774 last week and bullishness remains for the rise from there to bring retracement of recent decline, above said resistance at 1.2939 would extend gain 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.
