GBP/USD – 1.3333
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3334
Kijun-Sen level : 1.3346
Ichimoku cloud top : 1.3321
Ichimoku cloud bottom : 1.3320
Original strategy :
Buy at 1.3280, Target: 1.3380, Stop: 1.3245
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3280, Target: 1.3380, Stop: 1.3245
Position : –
Target : –
Stop : –
As cable has retreated after rising to 1.3383, suggesting consolidation below this level would be seen and pullback to 1.3300-02 (38.2% Fibonacci retracement of 1.3170-1.3383) is likely, however, reckon 1.3276-79 (50% Fibonacci retracement and previous support) would limit downside and bring rebound later, above 1.3360 would signal the pullback from 1.3383 has ended, bring retest of this level later, break there would extend recent rise from 1.3027 low to 1.3400 but reckon upside would be limited to 1.3417-20 (61.8% Fibonacci retracement of 1.3658-1.3027) would hold from here.
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.
