GBP/USD – 1.3189
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3164
Kijun-Sen level : 1.3141
Ichimoku cloud top : 1.3175
Ichimoku cloud bottom : 1.3125
Original strategy :
Sell at 1.3225, Target: 1.3125, Stop: 1.3260
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3255, Target: 1.3135, Stop: 1.3290
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 to 1.3255-60 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 1.3255-60 should limit upside. Only above indicated strong resistance at 1.3279-87 would abort and shift risk to the upside for the erratic rise from 1.3027 low is still in progress for further gain to 1.3300-10, then towards 1.3340-50.
