GBP/USD – 1.3063
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3047
Kijun-Sen level : 1.2930
Ichimoku cloud top : 1.2953
Ichimoku cloud bottom : 1.2950
Original strategy :
Buy at 1.2970, Target: 1.3070, Stop: 1.2935
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2970, Target: 1.3070, Stop: 1.2935
Position : –
Target : –
Stop : –
Yesterday’s rally above previous resistance at 1.3032 confirms recent rise from 1.2774 has resumed and mild upside bias remains for this move to extend further gain towards dynamic resistance at 1.3080 (61.8% Fibonacci retracement of 1.3269-1.2774) but near term overbought condition would prevent sharp move beyond 1.3100 and reckon 1.3140-50 would hold, risk from there is seen for a retreat to take place later.
In view of this, would not chase this rise here and would be prudent to buy cable on pullback as previous resistance at 1.2996 should limit downside and bring another rise. Below the Ichimoku cloud (now at 1.2950-53) would defer and risk weakness to 1.2930 but only break of support at 1.2905-09 would signal top is formed.
