GBP/USD – 1.3114
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3097
Kijun-Sen level : 1.3134
Ichimoku cloud top : 1.3228
Ichimoku cloud bottom : 1.3195
Original strategy :
Sell at 1.3160, Target: 1.3060, Stop: 1.3195
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3180, Target: 1.3080, Stop: 1.3215
Position : –
Target : –
Stop : –
As cable’s decline from 1.3279 has accelerated and price just broke below indicated support at 1.3088, adding credence to our view that the decline from 1.3338 is still in progress and may extend weakness to 1.3050, then towards recent low at 1.3027, however, break of latter level is needed to retain bearishness and confirm early erratic decline from 1.3658 top has resumed for further fall towards 1.3000 level.
In view of this, we are looking to sell cable on recovery, above the Kijun-Sen (now at 1.3134) would bring corrective bounce to 1.3160 but reckon 1.3180 would 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.
