GBP/USD – 1.3174
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3156
Kijun-Sen level : 1.3131
Ichimoku cloud top : 1.3146
Ichimoku cloud bottom : 1.3092
New strategy :
Buy at 1.3130, Target: 1.3230, Stop: 1.3095
Position : –
Target : –
Stop : –
As the British pound has rebounded again after holding above support at 1.3062 (this week’s low), retaining our view that further consolidation would take place and another bounce to 1.3200, then towards resistance at 1.3230 would be seen, however, as broad outlook remains consolidative, reckon upside would be limited to 1.3250 and price should falter below 1.3275-80.
In view of this, we are looking to buy cable on dips. Below 1.3100 would risk test of said support at 1.3062 but break there is needed to suggest a downside break of recent broad range has taken place, bring retest of strong support area at 1.3027-39, only break there would confirm and extend recent decline to psychological support at 1.3000 first.
