GBP/USD – 1.3422
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.3406
Kijun-Sen level : 1.3426
Ichimoku cloud top : 1.3514
Ichimoku cloud bottom : 1.3493
New strategy :
Sell at 1.3500, Target: 1.3380, Stop: 1.3535
Position : –
Target : –
Stop : –
As cable has rebounded after falling to 1.3364 earlier today, suggesting minor consolidation above this level would be seen and corrective bounce to 1.3455-60 cannot be ruled out, however, reckon upside would be limited to 1.3500 and bring another decline later, below said support at 1.3364 would extend recent decline from 1.3658 top to 1.3345-50 (61.8% Fibonacci retracement of 1.3153-1.3658) and possibly towards previous resistance at 1.3329.
In view of this, would not chase this fall here and would be prudent to sell cable on further recovery as 1.3500 should hold. Above resistance at 1.3514 would defer and risk a stronger rebound to 1.3535-40 but resistance at 1.3571 should remain intact.
