GBP/USD – 1.3472
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3500
Kijun-Sen level : 1.3502
Ichimoku cloud top : 1.3432
Ichimoku cloud bottom : 1.3351
Original strategy :
Buy at 1.3440, Target: 1.3560, Stop: 1.3405
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3410, Target: 1.3540, Stop: 1.3375
Position : –
Target : –
Stop : –
As cable has retreated after meeting resistance at 1.3550, suggesting consolidation below this level would be seen and pullback to 1.3435-40 is likely, however, reckon 1.3400-10 would limit downside and bring another rise later, above 1.3505-10 would bring retest of 1.3550 but break there is needed to confirm recent rise has resumed for headway to 1.3570-75 and later towards 1.3600.
In view of this, would not chase this rise here and would be prudent to buy sterling on subsequent pullback as 1.3400-05 would limit downside and bring another rise. Below 1.3374 support would abort and signal top has been formed, bring further fall to 1.3340-45.
