GBP/USD – 1.3383
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3372
Kijun-Sen level : 1.3372
Ichimoku cloud top : 1.3449
Ichimoku cloud bottom : 1.3404
Original strategy :
Sold at 1.3440, met target at 1.3340
Position : – Short at 1.3440
Target : – 1.3340
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Cable did resume recent fall from 1.3550 and our short position entered at 1.3440 met indicated downside target at 1.3340 as the pair fell to as low as 1.3320 (with 100 points profit), having said that, as sterling found good support at 1.3320 and has rebounded in NY morning, initial upside risk is seen for recovery to 1.3430-35 but break of resistance at 1.3461 is needed to confirm low is formed, bring further gain towards 1.3500.
As we have taken profit on our short position entered at 1.3440, would not chase this fall here and would be prudent to stand aside in the meantime. Below said support at 1.3320 would signal the fall from 1.3550 is still in progress and may extend further weakness to 1.3300 but reckon 1.3260-65 would hold, bring rebound later.
