GBP/USD – 1.2475
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2477
Kijun-Sen level : 1.2418
Ichimoku cloud top : 1.2380
Ichimoku cloud bottom : 1.2374
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 continued trading with a firm undertone after yesterday’s rally above previous resistance at 1.2436, adding credence to our bullish view that the rise from 1.2109 has resumed and bullishness remains for further gain to 1.2500 (approx. 50% projection of 1.2109-1.2436 measuring from 1.2335), 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.
