GBP/USD – 1.3254
Original strategy :
Buy at 1.3125, Target: 1.3225, Stop: 1.3090
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3175, Target: 1.3275, Stop: 1.3140
Position : –
Target : –
Stop : –
Cable’s intra-day breach of previous chart resistance at 1.3269 confirms medium term upmove has resumed and bullishness remains for further gain to 1.3290-00, however, loss of near term upward momentum should prevent sharp move beyond 1.3330 and reckon 1.3350-60 (61.8% projection of 1.2909-1.3224 measuring from 1.3161) would hold from here, risk from there has increased for a retreat to take place later.
In view of this, would not chase this rise at current level and would be prudent to buy cable on subsequent pullback as support at 1/3161 should contain downside and bring another upmove. Below 1.3145-50 would defer and risk correction to 1.3115-20 but downside should be limited and support at 1.3082 (previous resistance) should remain intact.
