GBP/USD – 1.3268
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3286
Kijun-Sen level : 1.3280
Ichimoku cloud top : 1.3219
Ichimoku cloud bottom : 1.3167
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As cable surged and broke above indicated previous resistance at 1.3279-87 earlier today, 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 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 1.3245-50 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.
