GBP/USD – 1.3117
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3103
Kijun-Sen level : 1.3105
Ichimoku cloud top : 1.3146
Ichimoku cloud bottom : 1.3122
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite falling to 1.3062 yesterday, lack of follow through selling on break of previous support at 1.3085 and the subsequent recovery suggest consolidation would be seen and bounce to 1.3130-35 cannot be ruled out, however, reckon upside would be limited to 1.3160-70 and bring another decline later, below said support at 1.3062 would revive bearishness for weakness towards support area at 1.3027-39 but break there is needed to confirm decline has resumed for further fall to psychological support at 1.3000.
In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above 1.3160-70 would prolong choppy trading and bring recovery to 1.3190-00 but said resistance at 1.3230 would hold from here, bring further consolidation. Only break of said resistance at 1.3230 would extend the erratic rise from 1.3039 to 1.3250, then 1.3275-80.
