GBP/USD – 1.3127
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.3144
Kijun-Sen level : 1.3110
Ichimoku cloud top : 1.3160
Ichimoku cloud bottom : 1.3076
Original strategy :
Sold at 1.3170, Target: 1.3070, Stop: 1.3195
Position : – Short at 1.3170
Target : – 1.3070
Stop : – 1.3195
New strategy :
Hold short entered at 1.3170, Target: 1.3070, Stop: 1.3185
Position : – Short at 1.3170
Target : – 1.3070
Stop : – 1.3185
Although cable surged again earlier today in European session, reckon 1.3190-95 (61.8% Fibonacci retracement of 1.3292-1.3027 as well as 38.2% Fibonacci retracement of 1.3455-1.3027) would cap upside and bring retreat later, below 1.3100 would suggest an intra-day top is formed, bring test of 1.3065-75, break there would suggest the rebound from 1.3027 has ended, bring retest of this level, break there would extend recent decline to psychological support at 1.3000 next.
In view of this, we are holding on to our short position entered at 1.3170. Above 1.3190-95 would risk test of previous support at 1.3222-29 (now resistance), break there would abort and signal low has been formed at 1.3027 instead, bring further gain to 1.3250 but price should falter below resistance at 1.3292.
