GBP/USD – 1.2422
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2435
Kijun-Sen level : 1.2432
Ichimoku cloud top : 1.2497
Ichimoku cloud bottom : 1.2454
Original strategy :
Sell at 1.2500, Target: 1.2365, Stop: 1.2535
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.2500, Target: 1.2365, Stop: 1.2535
Position : –
Target : –
Stop : –
Cable’s recovery after falling to 1.2377 yesterday suggests consolidation above this level would be seen and another bounce to 1.2475-80 is likely, however, still reckon upside would be limited to 1.2500-10 and bring another decline later, below said support at 1.2377 would extend the fall from 1.2616 top to 1.2360-65 (50% Fibonacci retracement of 1.2109-1.2616), however, loss of near term downward momentum should prevent sharp fall below 1.2335 support and reckon 1.2300-05 (61.8% Fibonacci retracement) would hold from here, bring rebound later.
In view of this, we are looking to sell cable on subsequent recovery as 1.2500 should limit upside and bring another decline. Above 1.2500-10 would defer but only break of previous support at 1.2539 would abort and signal the fall from 1.2616 has ended instead, bring rebound to 1.2560-65 first.
