GBP/USD – 1.2587
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2579
Kijun-Sen level : 1.2543
Ichimoku cloud top : 1.2494
Ichimoku cloud bottom : 1.2478
Original strategy :
Buy at 1.2490, Target: 1.2600, Stop: 1.2455
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2490, Target: 1.2600, Stop: 1.2455
Position : –
Target : –
Stop : –
As cable has eased after rising to 1.2616 in NY morning, adding credence to our bullish view that recent upmove from 1.2109 is still in progress and upside bias remains for this move to extend further gain to 1.2635-40, however, loss of upward momentum should prevent sharp move beyond 1.2670-80 and price should falter below previous resistance at 1.2706, risk from there is seen for a retreat later.
In view of this, would not chase this rise here and would be prudent to buy cable on subsequent retreat. Only below support at 1.2469 (Friday’s low) would abort and signal top is formed, bring retracement of recent upmove towards previous support at 1.2424 which is likely to hold from here.
