GBP/USD – 1.2934
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2928
Kijun-Sen level : 1.2939
Ichimoku cloud top : 1.2954
Ichimoku cloud bottom : 1.2924
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the British pound has retreated after last week’s anticipated rally to 1.2996, suggesting consolidation below this level would be seen and test of support at 1.2900-05 cannot be ruled out, however, break there is needed to signal top has been formed there and bring retracement of recent rise to 1.2875-80 but reckon previous chart support at 1.2852 would hold from here.
In view of this, would not chase this rise here and would be prudent to stand aside for now. On the upside, above 1.2965-70 would suggest the pullback from 1.2996 has ended, bring retest of this level, however, a sustained breach above psychological resistance at 1.3000 is needed to encourage for recent erratic upmove to extend headway to 1.3032 first
