GBP/USD – 1.3380
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3378
Kijun-Sen level : 1.3392
Ichimoku cloud top : 1.3455
Ichimoku cloud bottom : 1.3424
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: 1.3440
Position : – Short at 1.3440
Target : – 1.3340
Stop : – 1.3440
Cable traded narrowly after falling to 1.3358 yesterday and further sideways trading is seen for the fall from 1.3550 resumes, below said support would add credence to our bearish view that top has been formed at 1.3550, hence downside bias remains for at least a 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.
