GBP/USD – 1.3293
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As cable has surged again and broke above indicated previous resistance at 1.3279-87, suggesting early erratic rise from 1.3027 low is still in progress and near term upside risk remains for this move to bring retracement of early decline to 1.3310, then towards resistance at 1.3338, however, as broad outlook remains consolidative, reckon upside would be limited and price should falter below 1.3380-90, bring retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside for now. below the Kijun-Sen (now at 1.3246) would bring pullback to 1.3215-20 but only break of minor support at 1.3196 would signal top is formed, bring further fall to 1.3170, then test of the lower Kumo (now at 1.3143) which is likely to hold from here.
