GBP/USD – 1.2512
Original strategy :
Buy at 1.2400, Target: 1.2520, Stop: 1.2365
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 1.2425, Target: 1.2540, Stop: 1.2390
Position : –
Target :Â –
Stop : –
As cable has continued trading with a firm undertone, adding credence to our bullish view that recent upmove from 1.2109 is still in progress and may extend further gain to 1.2540-50 but loss of upward momentum would limit upside to previous chart resistance at 1.2570 and price should falter below 1.2600-10, risk from there has increased for a retreat to take place later.
In view of this, would not chase this move here and we are looking to buy cable on subsequent pullback as 1.2400 should limit downside. Below 1.2380-85 would defer and risk correction to 1.2350-55 but still reckon support at 1.2335 would remain intact, bring another rise later.Â
