GBP/USD – 1.3197
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3210
Kijun-Sen level : 1.3185
Ichimoku cloud top : 1.3234
Ichimoku cloud bottom : 1.3204
Original strategy :
Sell at 1.3265, Target: 1.3145, Stop: 1.3300
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3265, Target: 1.3145, Stop: 1.3300
Position : –
Target : –
Stop : –
Although cable rebounded after falling to 1.3140 yesterday and consolidation above this level would be seen with initial upside bias for corrective bounce to 1.3260-70, as top has been formed earlier at 1.3338 late last week, upside would be limited and resistance at 1.3287 should hold, bring retreat later, below said support at 1.3140 would extend the fall from 1.3338 towards support at 1.3121, however, break there is needed to retain bearishness and bring further subsequent decline to 1.3090-00.
In view of this, wee are looking to sell cable on subsequent recovery as 1.3255-65 should limit upside, bring another decline later. Above said resistance at 1.3287 would abort and signal low is formed instead, bring rebound to 1.3300 and possibly test of resistance at 1.3312.
