GBP/USD – 1.2259
Original strategy :
Buy at 1.2220, Target: 1.2320, Stop: 1.2185
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2200, Target: 1.2310, Stop: 1.2165
Position : –
Target : –
Stop : –
As cable rallied again after finding renewed buying interest at 1.2178 yesterday, suggesting the rise from 1.2109 low is still in progress for retracement of recent decline, above 1.2310 resistance would extend gain to 1.2335-40 (61.8% Fibonacci retracement of 1.2479-1.2109), however, previous support at 1.2347 should turn into resistance and limit cable’s upside, bring retreat later.
In view of this, we are looking to buy cable on pullback as 1.2220-30 should limit downside and bring another rise. Only below said support at 1.2178 would abort and signal the rebound from 1.2109 has possibly ended, risk weakness to 1.2145-50 first.
