GBP/USD – 1.3087
Original strategy :
Sell at 1.3170, Target: 1.3070, Stop: 1.3205
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3160, Target: 1.3060, Stop: 1.3195
Position : –
Target : –
Stop : –
As cable’s decline from 1.3279 has accelerated and price just broke below indicated support at 1.3110, adding credence to our view that the rebound from 1.3088 has ended there and retest of this support is underway, however, break there is needed to confirm early decline from 1.3338 has resumed and extend weakness to 1.3050, then towards recent low at 1.3027 which is likely to hold on first testing due to near term oversold condition.
In view of this, we are looking to sell cable on recovery as the Kijun-Sen (now at 1.3146) should limit upside and bring another decline later. Above 1.3195-00 would defer and risk a stronger rebound to 1.3230-35, however, price should falter well below said resistance at 1.3279 and bring another decline later.
