GBP/USD – 1.3071
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3069
Kijun-Sen level : 1.3087
Ichimoku cloud top : 1.3182
Ichimoku cloud bottom : 1.3114
Original strategy :
Sell at 1.3150, Target: 1.3030, Stop: 1.3185
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3150, Target: 1.3030, Stop: 1.3185
Position : –
Target : –
Stop : –
As cable has remained under pressure after last week’s selloff from 1.3321 to 1.3039, adding credence to our view that early erratic rise from 1.3027 has ended and bearishness remains for further fall towards previous chart support at 1.3027, however, break there 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 1.3150 should limit upside and bring another decline later. Above 1.3200 would defer and prolong choppy trading, risk rebound to 1.3235-40 first.
