GBP/USD – 1.3158
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3168
Kijun-Sen level : 1.3174
Ichimoku cloud top : 1.3140
Ichimoku cloud bottom : 1.3125
Original strategy :
Buy at 1.3100, Target: 1.3210, Stop: 1.3065
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3100, Target: 1.3210, Stop: 1.3065
Position : –
Target : –
Stop : –
As the British pound retreated after rising to 1.3214 yesterday, retaining our view that further consolidation would take place, however, reckon downside would be limited to 1.3100 and 1.3075-80 should hold, bring another bounce to 1.3210-15, then towards resistance at 1.3230 would be seen, having said that, 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 as 1.3100-05 should limit downside. Below 1.3075 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.
