GBP/USD – 1.3120
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3163
Kijun-Sen level : 1.3171
Ichimoku cloud top : 1.3193
Ichimoku cloud bottom : 1.3158
Original strategy :
Sell at 1.3285, Target: 1.3155, Stop: 1.3320
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3170, Target: 1.3060, Stop: 1.3205
Position : –
Target : –
Stop : –
As cable met renewed selling interest at 1.3228 earlier today and has retreated sharply, suggesting the rebound from 1.3088 has ended there and bearishness remains for another test o said support, break there would extend the fall from 1.3338 to 1.3050, then towards recent low at 1.3027 which is likely to hold from here due to near term oversold condition, bring rebound later.
In view of this, wee are looking to sell cable on minor recovery as the Kijun-Sen (now at 1.3171) should limit upside and bring another decline. Above 1.3200-05 would risk another test of 1.3228, break there would bring a stronger rebound to 1.3240-45 (61.8% Fibonacci retracement of 1.3338-1.3088) but still reckon resistance at 1.3287 would cap upside.
