GBP/USD – 1.2126
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2171
Kijun-Sen level : 1.2188
Ichimoku cloud top : 1.2168
Ichimoku cloud bottom : 1.2165
Original strategy :
Bought at 1.2215, stopped at 1.2180
Position : – Long at 1.2215
Target : –
Stop : – 1.,2180
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Current selloff dampened our near term bullishness and signals recent decline has resumed, hence downside risk remains for further fall to 1.2100, however, loss of downward momentum should prevent sharp fall below 1.2070 and reckon 1.2040-50 would hold from here, sterling may stage another rebound from there later.
In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above the Kijun-Sen (now at 1.2188) would suggest an intra-day low is formed instead, risk rebound to 1.2215 but break there is needed to confirm and bring a stronger rebound towards resistance at 1.2251.
