GBP/USD – 1.3393
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.3390
Kijun-Sen level : 1.3367
Ichimoku cloud top : 1.3376
Ichimoku cloud bottom : 1.3374
Original strategy :
Sold at 1.3390, Target: 1.3290, Stop: 1.3405
Position : – Short at 1.3390
Target : – 1.3290
Stop : – 1.3405
New strategy :
Hold short entered at 1.3390, Target: 1.3290, Stop: 1.3405
Position : – Short at 1.3390
Target : – 1.3290
Stop : – 1.3405
As the British pound has rebounded again after finding support at 1.3331 yesterday, as long as 1.3403-05 holds, prospect of another decline remains, below said support would signal the rebound from 1.3302 has ended at 1.3418, bring retest of this level, break there would extend recent decline from 1.3550 top to 1.3280, then towards 1.3250, however, still reckon previous support at 1.3221 would remain intact.
In view of this, we are holding on to our short position entered at 1.3390. Only above 1.3420-25 would defer and risk rebound to 1.3445-50 but said resistance at 1.3466 should remain intact and bring another decline later.
