GBP/USD – 1.3377
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3394
Kijun-Sen level : 1.3410
Ichimoku cloud top : 1.3455
Ichimoku cloud bottom : 1.3439
Original strategy :
Sold at 1.3440, Target: 1.3340, Stop: 1.3465
Position : – Short at 1.3440
Target : – 1.3340
Stop : – 1.3465
New strategy :
Hold short entered at 1.3440, Target: 1.3340, Stop: 1.3455
Position : – Short at 1.3440
Target : – 1.3340
Stop : – 1.3455
Cable met renewed selling interest at 1.3461 and has fallen again, adding credence to our bearish view that top has been formed at 1.3550 and downside bias remains for the erratic fall from there to bring retracement of recent rise to 1.3340-50 (61.8% Fibonacci retracement of 1.3221-1.3550) but near term oversold condition should prevent sharp fall below 1.3300 and reckon 1.3260-65 would hold, bring rebound later.
In view of this, we are holding on to our short position entered at 1.3440. Only above said resistance at 1.3461 would defer and risk test of resistance at 1.3483 but break there is needed to signal an intra-day low is formed instead, bring another bounce to 1.3530-35 first.
