GBP/USD – 1.3205
Original strategy :
Sell at 1.3255, Target: 1.3135, Stop: 1.3290
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3255, Target: 1.3135, Stop: 1.3290
Position : –
Target : –
Stop : –
As cable has maintained a firm undertone after staging a strong rebound from 1.3070, suggesting near term upside risk remains for further gain to 1.3240-50, however, as broad outlook remains consolidative, reckon upside would be limited and indicated strong resistance at 1.3279-87 would remain intact, bring retreat later, below 1.3120-25 would signal the rebound from 1.3070 has ended, bring weakness to 1.3100, then retest of 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.
