GBP/USD – 1.3259
Original strategy :
Buy at 1.3230, Target: 1.3330, Stop: 1.3195
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3195, Target: 1.3295, Stop: 1.3160
Position : –
Target : –
Stop : –
As cable has retreated after intra-day initial rise to 1.3229, suggesting consolidation below this level would be seen and pullback to 1.3224-28 support is likely, however, reckon downside would be limited to 1.3195-00 and bring another rise later, above 1.3300 would bring a retest of said resistance at 1.3229, break there would extend recent upmove to 1.3355-60 (61.8% projection of 1.2909-1.3224 measuring from 1.3161) but loss of near term upward momentum should prevent sharp move beyond there and reckon 1.3390-00 would hold.
In view of this, would not chase this rise at current level and would be prudent to buy cable on subsequent pullback as 1.3195-00 should limit downside and bring another upmove. Below support at 1.3161 would defer and signal top has been formed, risk correction towards 1.3125-30 first.
