GBP/USD – 1.3433
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.3428
Kijun-Sen level : 1.3380
Ichimoku cloud top : 1.3368
Ichimoku cloud bottom : 1.3333
New strategy :
Buy at 1.3350, Target: 1.3450, Stop: 1.3315
Position : –
Target : –
Stop : –
As cable found good support at 1.3303 earlier this week and has staged a strong rebound, suggest low has been made there and consolidation with mild upside bias is seen for this rebound from 1.3303 to extend gain to 1.3475-80, then 1.3500, however, near term overbought condition would limit upside and price should falter below indicated resistance at 1.3432, bring another decline later.
In view of this, we are looking to buy cable on dips as 1.3345-50 should limit downside. Below 1.3320-25 would defer and suggest the rebound from 1.3303 has ended, bring retest of this level first, break there would extend the fall from 1.3550 top to 1.3280 and later 1.3250 but price should stay well above previous support at 1.3221.
