GBP/USD – 1.2954
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2947
Kijun-Sen level : 1.2954
Ichimoku cloud top : 1.2940
Ichimoku cloud bottom : 1.2924
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although Friday’s anticipated rally has justified our bullishness, lack of follow through buying on break of previous resistance at 1.2979 suggests upside would be limited to 1.3000 and price should falter below another previous resistance at 1.3032, risk from there is seen for a retreat to take place due to loss of near term upward momentum.
In view of this, would not chase this rise here and would be prudent to stand aside for now. Below 1.2930 would risk test of support at 1.2905 but only break there would signal top has been formed at 1.2996 instead, bring subsequent fall to 1.2875-80 and later towards said support at 1.2852.
