GBP/USD – 1.3192
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite rising to 1.3279, as cable has retreated after faltering below indicated resistance at 1.3287, suggesting further choppy trading would take place and weakness to 1.3155-60 cannot be ruled out, however, reckon yesterday’s low at 1.3110 would hold and bring another bounce later. Only a break of this level would revive bearishness and signal decline has resumed for retest of 1.3088 first.
On the upside, whilst recovery to 1.3235-40 cannot be ruled out, reckon upside would be limited and said resistance at 1.3279-87 would hold, bring further choppy consolidation. Only a break of said resistance area would signal the fall from 1.3338 has ended at 1.3088, bring further gain to 1.3300-05 but said resistance at 1.3338 should remain intact. As near term outlook is still mixed, would be prudent to stand aside for now.
