GBP/USD – 1.3261
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3252
Kijun-Sen level : 1.3269
Ichimoku cloud top : 1.3292
Ichimoku cloud bottom : 1.3230
Original strategy :
Bought at 1.3250, stopped at 1.3245
Position : – Long at 1.3250
Target : –
Stop : – 1.3245
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the British pound recovered after falling to 1.3225 overnight and consolidation with initial upside bias is seen, break of resistance at 1.3312 is needed to revive bullishness and signal the pullback from 1.3338 (last week’s high) has ended, bring retest of this resistance, break there would signal the rise from 1.3027 low has resumed for a stronger retracement of recent decline towards 1.3375-80 (61.8% Fibonacci retracement of 1.3596-1.3027), however, overbought condition should limit upside to 1.3400-10.
On the downside, below 1.3225 would bring further fall to 1.3200 and possibly towards 1.3170-75 but only break of indicated support at 1.3121 would shift risk back to downside and signal the aforesaid rise from 1.3027 has ended, then further fall to 1.3090-00 would follow. As near term outlook is mixed, would be prudent to stand aside for now.
