GBP/USD – 1.3072
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3062
Kijun-Sen level : 1.3166
Ichimoku cloud top : 1.3276
Ichimoku cloud bottom : 1.3257
Original strategy :
Sell at 1.3170, Target: 1.3040, Stop: 1.3205
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3150, Target: 1.3030, Stop: 1.3185
Position : –
Target : –
Stop : –
Yesterday’s selloff together with the breach of support at 1.3070 signals early erratic rise from 1.3027 has ended and bearishness remains for further fall, however, break of said support at 1.3027 is needed to signal early downtrend has resumed for weakness to psychological support at 1.3000, then towards 1.2970-75 which is likely to hold from here due to near term oversold condition.
In view of this, would not chase this fall here and would be prudent to sell cable on recovery as the Kijun-Sen (now at 1.3166) should limit upside and bring another decline later. Above 1.3200 would defer and prolong choppy trading, risk rebound to 1.3235-40 first.
