GBP/USD – 1.3239
Most recent candlesticks pattern  : N/A
Trend                                : Near term up
Tenkan-Sen level                : 1.3217
Kijun-Sen level                   : 1.3190
Ichimoku cloud top             : 1.3174
Ichimoku cloud bottom       : 1.3145
Original strategy :
Buy at 1.3100, Target: 1.3210, Stop: 1.3065
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 1.3180, Target: 1.3280, Stop: 1.3145
Position : –
Target :Â –
Stop : –
As the British pound has rallied after finding renewed buying interest just above support at 1.3134 and broke above indicated previous resistance at 1.3230, adding credence to our view that the erratic rise from 1.3039 is still in progress, hence mild upside bias remains for this move to extend gain to 1.3280-90, however, as broad outlook remains consolidative, reckon upside would be limited and another previous resistance at 1.3321 should remain intact, bring retreat later.
In view of this, we are still looking to buy cable on dips but at a higher level as 1.3180-90 should limit downside. Below 1.3170-75 would risk correction to 1.3150 but only break of said support at 1.3134 would abort and signal top is formed instead, bring weakness to 1.3100, then towards support at 1.3062.
