GBP/USD – 1.3183
Original strategy :
Sell at 1.3225, Target: 1.3125, Stop: 1.3260
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3225, Target: 1.3125, Stop: 1.3260
Position : –
Target : –
Stop : –
As cable found support at 1.3070 on Friday and has rebounded, suggesting consolidation above this level would be seen and corrective bounce to 1.3200, then 1.3220-25 cannot be ruled out, however, still reckon upside would be limited and bring another decline later, below 1.3100 would bring test of said support at 1.3070, break there would extend the erratic decline from 1.3338 to 1.3050, then towards recent low at 1.3027.
In view of this, we are looking to sell cable on further subsequent recovery as 1.3220-25 should limit upside. Above 1.3250 would dampen this bearish view and prolong consolidation, risk rebound to resistance at 1.3279-87 first.
