GBP/USD – 1.3215
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3165
Kijun-Sen level : 1.3156
Ichimoku cloud top : 1.3131
Ichimoku cloud bottom : 1.3119
Original strategy :
Sold at 1.3140, stopped at 1.3175
Position : – Short at 1.3140
Target : –
Stop : – 1.3175
New strategy :
Buy at 1.3170, Target: 1.3270, Stop: 1.3135
Position : –
Target : –
Stop : –
Despite intra-day brief retreat to 1.3112, as cable found renewed buying interest there and has rallied above resistance at 1.3178, signaling the fall from 1.3321 has ended at 1.3039 earlier and mild upside bias is seen for the erratic rise from there to extend further gain to 1.3250, then 1.3275-80, however, near term overbought condition should limit upside and price should falter well below resistance at 1.3321, bring retreat later.
In view of this, we are looking to buy cable on pullback as 1.3165-70 should limit downside. Below 1.3135-40 would defer and risk test of said support at 1.3112 but only break of support at 1.3085 would revive bearishness and signal the rebound from 1.3039 has ended, bring weakness towards 1.3050-55 first.
