GBP/USD – 1.2450
Original strategy :
Buy at 1.2400, Target: 1.2500, Stop: 1.2365
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2400, Target: 1.2500, Stop: 1.2365
Position : –
Target : –
Stop : –
As cable has surged again in London morning and broke above previous resistance at 1.2436, confirming the rise from 1.2109 has resumed and bullishness remains for further gain to previous resistance at 1.2479, then 1.2500, however, near term overbought condition should prevent sharp move beyond 1.2540-50 and price should falter below previous chart resistance at 1.2570, risk from there has increased for a retreat to take place later.
In view of this, would not chase this move from here and we are looking to buy cable on pullback as 1.2400-10 should limit downside. Below 1.2380-85 would defer and risk correction to 1.2350 but support at 1.2335 should remain intact.
