GBP/USD – 1.3336
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3325
Kijun-Sen level : 1.3329
Ichimoku cloud top : 1.3300
Ichimoku cloud bottom : 1.3275
Original strategy :
Buy at 1.3255, Target: 1.3355, Stop: 1.3220
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3280, Target: 1.3380, Stop: 1.3245
Position : –
Target : –
Stop : –
As cable has maintained a firm undertone after breaking above previous resistance at 1.3338, adding credence to our view that the erratic rise from 1.3027 low is still in progress and bullishness remains for this move to extend gain to 1.3375-80 (61.8% Fibonacci retracement of 1.3596-1.3027), however, reckon upside would be limited to 1.3400 and 1.3425-30 would hold from here due to loss of near term upward momentum.
In view of this, we are looking to buy sterling on pullback as 1.3270-80 should limit downside. Below 1.3250 would defer and risk correction to 1.3230 but only break of support at 1.3209-13 would abort and signal a temporary top is formed instead, bring further weakness towards support at 1.3170.
