GBP/USD – 1.3411
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.3398
Kijun-Sen level : 1.3375
Ichimoku cloud top : 1.3375
Ichimoku cloud bottom : 1.3361
Original strategy :
Sold at 1.3390, stopped at 1.3405
Position : – Short at 1.3390
Target : –
Stop : – 1.3405
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the British pound has edged higher on back of the rally in euro, dampening our bearishness and near term upside risk remains for test of 1.3419 resistance, break there would extend the rebound from 1.3302 to 1.3445-50, however, reckon indicated resistance at 1.3466 would hold from here, bring retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside for now. Below 1.3360 would suggest an intra-day top is possibly formed, bring test of 1.3331 support but only break there would revive bearishness and signal the rebound from 1.3302 has ended, bring retest of this level first.
