GBP/USD – 1.2917
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2906
Kijun-Sen level : 1.2916
Ichimoku cloud top : 1.2950
Ichimoku cloud bottom : 1.2896
Original strategy :
Buy at 1.2875, Target: 1.2975, Stop: 1.2840
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2855, Target: 1.2955, Stop: 1.2820
Position : –
Target : –
Stop : –
Cable’s retreat after rising to 1.2979 yesterday suggests a temporary top has been formed there and consolidation with initial downside bias is seen for correction to 1.2873 support, however, renewed buying interest should emerge around 1.2852-55 (61.8% Fibonacci retracement of 1.2774-1.2979) and bring rebound later, above 1.2955-60 would signal the retreat from 1.2979 has ended, bring retest of this level, break there would extend recent rise from 1.2774 (last week’s low) to 1.3000, then towards previous resistance at 1.3032 which is likely to hold from here.
In view of this, we are looking to buy sterling on further pullback as 1.2852-55 should limit downside. Below previous resistance at 1.2837 would defer and signal first leg of upmove from 1.2774 has ended, risk weakness to support at 1.2813 but price should stay well above support at 1.2774, bring another rebound later.
