GBP/USD – 1.3519
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3479
Kijun-Sen level : 1.3479
Ichimoku cloud top : 1.3501
Ichimoku cloud bottom : 1.3462
Original strategy :
Sold at 1.3500, Target: 1.3400, Stop: 1.3535
Position : – Short at 1.3500
Target : – 1.3400
Stop : – 1.3535
New strategy :
Hold short entered at 1.3500, Target: 1.3400, Stop: 1.3535
Position : – Short at 1.3500
Target : – 1.3400
Stop : – 1.3535
Although cable has rebounded after finding support at 1.3419 and further consolidation would be seen, reckon upside would be limited to 1.3530-35 and bring retreat later, below said support at 1.3419 would bring retracement of recent rise for weakness to 1.3400, however, reckon downside would be limited to 1.3380-85 (50% Fibonacci retracement of 1.3221-1.3550) and bring rebound to 1.3500 but upside should be limited to 1.3515-25, bring another corrective decline later.
In view of this, we are holding on to our short position entered at 1.3500. Above 1.3535-40 would signal the retreat from 1.3550 has ended, bring retest of this level, then 1.3575-80 but reckon 1.3600-10 would hold. Below 1.3345-50 (61.8% Fibonacci retracement of 1.3221-1.3550) would abort and signal top has been formed at 1.3550, bring further fall towards 1.3300-10.
