GBP/USD – 1.3169
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.3157
Kijun-Sen level : 1.3143
Ichimoku cloud top : 1.3139
Ichimoku cloud bottom : 1.3084
Original strategy :
Sold at 1.3170, Target: 1.3070, Stop: 1.3185
Position : – Short at 1.3170
Target : – 1.3070
Stop : – 1.3185
New strategy :
Hold short entered at 1.3170, Target: 1.3070, Stop: 1.3195
Position : – Short at 1.3170
Target : – 1.3070
Stop : – 1.3195
Although cable has maintained a relatively firm undertone after rising to 1.3184 yesterday, still 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 1.3125-30 would bring test of 1.3100, break there would suggest top is formed, bring subsequent fall to 1.3065-75, break there would suggest the rebound from 1.3027 has ended, bring retest of this level, below 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.
