GBP/USD – 1.3043
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3048
Kijun-Sen level : 1.3051
Ichimoku cloud top : 1.3006
Ichimoku cloud bottom : 1.2977
Original strategy :
Buy at 1.2970, Target: 1.3070, Stop: 1.2935
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2980, Target: 1.3080, Stop: 1.2945
Position : –
Target : –
Stop : –
As cable has retreated after rising to 1.3082 yesterday, suggesting minor consolidation below this level would be seen and pullback to 1.3005-10 cannot be ruled out, however, reckon downside would be limited to previous resistance at 1.2996 and the lower Kumo (now at 1.2977) should hold, bring another rise later, above said resistance at 1.3082 would signal recent rise from 1.2774 is still in progress and may extend gain to 1.3100, however, loss of near term upward momentum should prevent sharp move beyond 1.3140-50, 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 bottom (now at 1.2977) would defer and risk weakness to 1.2950 and possibly 1.2930 but only break of support at 1.2905-09 would signal top is formed.
