GBP/USD – 1.3266
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3241
Kijun-Sen level : 1.3225
Ichimoku cloud top : 1.3195
Ichimoku cloud bottom : 1.3143
Original strategy :
Buy at 1.3175, Target: 1.3275, Stop: 1.3140
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.
