GBP/USD – 1.3280
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3271
Kijun-Sen level : 1.3281
Ichimoku cloud top : 1.3263
Ichimoku cloud bottom : 1.3211
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although cable rebounded after finding support at 1.3240, reckon upside would be limited to yesterday’s high at 1.3321 and price should falter below indicated previous resistance at 1.3338, bring further consolidation today. Only a break above 1.3338 would signal another leg of corrective upmove from 1.3027 low is underway for further gain to 1.3350, then 1.3390-00 which is likely to hold on first testing due to near term overbought condition.
In view of this, would not chase this rise here and would be prudent to stand aside for now. below 1.3240 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 and possibly towards 1.3150 but support at 1.3127 should hold.
