GBP/USD – 1.3525
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.3510
Kijun-Sen level : 1.3518
Ichimoku cloud top : 1.3576
Ichimoku cloud bottom : 1.3386
Original strategy :
Buy at 1.3400, Target: 1.3560, Stop: 1.3365
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3400, Target: 1.3560, Stop: 1.3365
Position : –
Target : –
Stop : –
Although cable found support at 1.3465 and has recovered, reckon upside would be limited to 1.3570 and risk of another corrective fall remains, below 1.3500 would bring test of said support at 1.3465, then 1.3430 but reckon 1.3400 would attract renewed buying interest, bring another rise later, above 1.3570 would signal the pullback from 1.3619 (yesterday’s high) has ended, bring retest of this level, then 1.3650.
In view of this, would not chase this rise here and would be prudent to buy cable on subsequent pullback as 1.3400-10 should limit downside. Only below the lower Kumo (now at 1.3385) 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.
