GBP/USD – 1.3350
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.3360
Kijun-Sen level : 1.3376
Ichimoku cloud top : 1.3387
Ichimoku cloud bottom : 1.3375
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the British pound retreated after rebounding to 1.3420 in part due to cross-trading, suggesting consolidation would be seen, however, reckon downside would be limited to support at 1.3331, bring another rebound. Only a drop below 1.3331 would signal the rebound from 1.3302 has ended and revive bearishness for a retest of 1.3302 first, break there would extend weakness towards 1.3265-70.
On the upside, whilst recovery to 1.3380-85 cannot be ruled out, reckon upside would be limited to said resistance at 1.3420 and bring another retreat later. Above 1.3420 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. As near term outlook is still mixed, would be prudent to stand aside for now.
