GBP/USD – 1.3215
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3210
Kijun-Sen level : 1.3193
Ichimoku cloud top : 1.3165
Ichimoku cloud bottom : 1.3155
Original strategy :
Sell at 1.3285, Target: 1.3155, Stop: 1.3320
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3285, Target: 1.3155, Stop: 1.3320
Position : –
Target : –
Stop : –
As cable found renewed buying interest at 1.3158 yesterday and has risen again, adding credence to our view that a temporary low was formed at 1.3088 late last week, hence near term upside risk remains for this move to extend gain to 1.3240-45 (61.8% Fibonacci retracement of 1.3338-1.3088), however, price should falter below indicated resistance at 1.3287 and bring retreat later, below said support at 1.3158 would signal the rebound from 1.3088 has ended, brig weakness to 1.3125-30, break there would bring retest of said support at 1.3088, a drop below there would extend the fall from 1.3338 to 1.3050, then towards recent low at 1.3027.
In view of this, wee are looking to sell cable on further subsequent recovery as resistance at 1.3287 should limit upside and bring another decline later. Only above 1.3312 resistance would abort and extend further gain to said recent high at 1.3338 which is likely to hold from here.
