GBP/USD – 1.3311
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.3376
Kijun-Sen level : 1.3377
Ichimoku cloud top : 1.3416
Ichimoku cloud bottom : 1.3385
Original strategy :
Bought at 1.3350, stopped at 1.3315
Position : – Long at 1.3350
Target : –
Stop : – 1.3315
New strategy :
Sell at 1.3370, Target: 1.3270, Stop: 1.3405
Position : –
Target : –
Stop : –
Current cross-inspired selloff dampened our near term bullishness and signal the rebound from 1.3303 has ended at 1.3466, break of said support would confirm recent decline from 1.3550 top has resumed and may extend further weakness to 1.3280, then towards 1.3250, however, near term oversold condition should limit downside to previous support at 1.3221, bring recovery later.
In view of this, we are looking to sell cable on recovery as 1.3370-75 should limit upside and bring another decline. Above 1.3400 would defer and risk rebound to 1.3430-35 but said resistance at 1.3466 should remain intact and bring another decline later.
