GBP/USD – 1.3254
Original strategy :
Sold at 1.3185, stopped at 1.3220
Position : – Short at 1.3185
Target : –
Stop : – 1.3220
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite falling marginally to 1.3110, as cable found decent demand there and has rallied in London session, the subsequent breach of previous resistance at 1.3228 has shifted risk to the upside as this move signals the fall from 1.3338 has ended at 1.3088, hence further gain to resistance at 1.3287 cannot be ruled out, however, break there is needed to provide confirmation, bring a stronger rebound towards 1.3338 resistance.
On the downside, whilst pullback to 1.3228 (previous resistance turned support) cannot be ruled out, recon 1.3190-00 would limit downside and 1.3150 should hold, bring another rebound later. As near term outlook has turned mixed, would not chase this rise here and would be prudent to stand aside for now.
