GBP/USD – 1.2965
Original strategy :
Bought at 1.2855, met target at 1.2955
Position : – Long at 1.2855
Target : – 1.2955
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As cable has rallied after finding renewed buying interest at 1.2905 today, justifying our bullishness and our long position entered at 1.2855 met upside target at 1.2955 (with 100 points profit), the breach of indicated resistance at 1.2979 adds credence to our view that early rise from 1.2774 has resumed, hence mild upside bias remains for this move to extend gain towards 1.3000 which is likely to hold on first testing and price should falter below previous resistance at 1.3032.
As we have taken profit on our long position entered at 1.2855, would not chase this rise here and would be prudent to stand aside for now. Below 1.2930-35 would risk test of said support at 1.2905 but only break there would signal top is formed instead, bring subsequent fall to 1.2875-80 and later towards said support at 1.2852.
