GBP/USD – 1.3545
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3576
Kijun-Sen level : 1.3576
Ichimoku cloud top : 1.3484
Ichimoku cloud bottom : 1.3385
Original strategy :
Buy at 1.3420, Target: 1.3600, Stop: 1.3385
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3420, Target: 1.3600, Stop: 1.3385
Position : –
Target : –
Stop : –
Although cable edged higher in London morning to 1.3619, lack of follow through buying on break of Friday’s high at 1.3617 and current retreat suggest consolidation with initial mild downside bias would be seen and pullback to 1.3515-20 and then 1.3480 cannot be ruled out, however, reckon downside would be limited to 1.3420-30 and bring another rise later, above said resistance at 1.3619 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 subsequent pullback as 1.3420-30 should limit downside. Only below 1.3380-85 would defer and signal a temporary top is formed, bring retracement of recent rise to 1.3350, then 1.3320-25 but 1.3300 should remain intact.
