GBP/USD – 1.3388
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3274
Kijun-Sen level : 1.3274
Ichimoku cloud top : 1.3283
Ichimoku cloud bottom : 1.3245
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 1.3410-15 (61.8% projection of 1.2909-1.3329 measuring from 1.3153) cannot be ruled out, however, loss of upward momentum should prevent sharp move beyond 1.3440-50 and reckon 1.3470-80 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 1.3340-45 would bring pullback to 1.3300-05 but only break of the Kijun-Sen (now at 1.3274) would signal an intra-day top is formed, bring weakness to 1.3250, however, downside should be limited to 1.3195-00.
