GBP/USD – 1.2960
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2951
Kijun-Sen level : 1.2930
Ichimoku cloud top : 1.2913
Ichimoku cloud bottom : 1.2893
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As cable has rallied after finding renewed buying interest at 1.2905 today, justifying our bullishness, 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.
In view of this, 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.
