GBP/USD – 1.3565
New strategy :
Buy at 1.3490, Target: 1.3600, Stop: 1.3455
Position : –
Target : –
Stop : –
Although cable has eased after intra-day rally to 1.3617 and minor consolidation below this level would be seen and pullback to 1.3510-20 is likely, reckon 1.3490 would limit downside and bring another rise later, above said resistance at 1.3617 would extend recent upmove to 1.3650 and possibly towards 1.3675 but upside should be limited to 1.3700-10, bring retreat later.
In view of this, would not chase this rise here and would be prudent to buy cable on pullback as 1.3490-00 should limit downside. Below the Kijun-Sen (now at 1.3460) would defer and suggest an intra-day top is formed, risk correction to 1.3420, then 1.3400.
