GBP/USD – 1.3196
Original strategy :
Buy at 1.3125, Target: 1.3225, Stop: 1.3090
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3125, Target: 1.3225, Stop: 1.3090
Position : –
Target : –
Stop : –
Last week’s rally to 1.3224 adds credence to our bullish view that recent upmove from 1.2774 is still in progress and upside bias remains for further gain to 1.3225-30, then towards 1.3250, however, loss of near term upward momentum should prevent sharp move beyond latter level and price should falter below recent high at 1.3269, bring retreat later.
In view of this, would not chase this rise at current level and would be prudent to buy cable on subsequent pullback as 1.3120-25 should limit downside. Only below 1.3082 (previous resistance turned support) would abort ad suggest top is possibly formed, risk test of 1.3062 but reckon support at 1.3033 would hold.
