GBP/USD – 1.3275
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.3206
Kijun-Sen level : 1.3206
Ichimoku cloud top : 1.3199
Ichimoku cloud bottom : 1.3176
Original strategy :
Sold at 1.3200, stopped at 1.3235
Position : – Short at 1.3200
Target : –
Stop : – 1.3235
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite intra-day initial fall to 1.3121, the subsequent rally dampened our bearishness and suggesting near term upside risk remains for the rise from 1.3027 to bring a stronger retracement of recent decline towards 1.3310-15 (50% Fibonacci retracement of 1.3596-1.3027), however, near term overbought condition should limit upside to 1.3345-50 and price should falter below 1.3375-80 (61.8% Fibonacci retracement) and bring retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below 1.3240 would bring test of the Kijun-Sen (now at 1.3206) but only break there would suggest top is possibly formed, bring weakness to the lower Kumo (now at 1.3176) and then 1.3150.
