GBP/USD – 1.3309
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3299
Kijun-Sen level : 1.3243
Ichimoku cloud top : 1.3182
Ichimoku cloud bottom : 1.3174
Original strategy :
Buy at 1.3175, Target: 1.3275, Stop: 1.3140
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3230, Target: 1.3330, Stop: 1.3195
Position : –
Target : –
Stop : –
As cable has continued moving higher after yesterday’s rally above resistance at 1.3269, adding credence to our bullish view that medium term upmove has resumed and upside bias remains for further gain to 1.3355-60 (61.8% projection of 1.2909-1.3224 measuring from 1.3161), however, loss of near term upward momentum should prevent sharp move beyond there and reckon 1.3390-00 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 previous resistance at 1.3224 (now support) should limit downside and bring another upmove. Below 1.3200 would defer and risk correction towards support at 1.3161 which is likely to hold from here.
