GBP/USD – 1.2414
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2408
Kijun-Sen level : 1.2380
Ichimoku cloud top : 1.2334
Ichimoku cloud bottom : 1.2266
Original strategy :
Buy at 1.2290, Target: 1.2400, Stop: 1.2255
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2325, Target: 1.2445, Stop: 1.2290
Position : –
Target : –
Stop : –
As cable has risen again after finding renewed buying interest at 1.2335, suggesting recent upmove from 1.2109 (this month’s low) is still in progress and may extend further gain to 1.2445-50, however, loss of near term momentum should prevent sharp move beyond previous resistance at 1.2479, risk from there has increased for a retreat to take place later.
In view of this, would not chase this move from here and we are looking to buy cable on pullback as said support at 1.2335 should limit downside and bring another rise. Below previous resistance at 1.2310 would defer and suggest top is possibly formed, risk correction to 1.2265-70 but price should stay above indicated support at 1.2241.
