GBP/USD – 1.3356
Original strategy :
Sold at 1.3285, stopped at 1.3320
Position : – Short at 1.3285
Target : –
Stop : – 1.3320
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite intra-day brief drop to 1.3153, lack of follow through selling on break of support at 1.3161 and the subsequent rally signal recent upmove is still in progress and further gain towards 1.3400 cannot be ruled out, however, loss of upward momentum should prevent sharp move beyond 1.3430-40 and reckon 1.3470-75 would hold from here, risk from there has increased for a retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below 1.3300-05 would bring test of the Kijun-Sen (now at 1.3263) but break there is needed to signal an intra-day top is formed, bring weakness to 1.3230-35, however, downside should be limited to 1.3195-00.
