GBP/USD – 1.2912
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2927
Kijun-Sen level : 1.2900
Ichimoku cloud top : 1.2929
Ichimoku cloud bottom : 1.2913
Original strategy :
Bought at 1.2855, Target: 1.2955, Stop: 1.2820
Position : – Long at 1.2855
Target : – 1.2955
Stop : – 1.2820
New strategy :
Hold long entered at 1.2855, Target: 1.2955, Stop: 1.2875
Position : – Long at 1.2855
Target : – 1.2955
Stop : – 1.2875
As cable found renewed buying interest at 1.2852 in line with our bullish expectation and has rebounded, retaining prospect for another rebound to 1.2955-60, however, break of this week’s high of 1.2979 is needed to signal early rise from 1.2774 has resumed and extend gain towards 1.3000 which is likely to hold on first testing and price should falter below previous resistance at 1.3032.
In view of this, we are holding on to our long position entered at 1.2855. Below 1.2975-80 would risk retest of said support at 1.2852 but only break there would shift risk back to downside for the fall from 1.2979 to extend weakness to previous resistance at 1.2837 and possibly towards 1.2800-10 but support at 1.2774 should remain intact.
