GBP/USD – 1.2492
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2478
Kijun-Sen level : 1.2478
Ichimoku cloud top : 1.2475
Ichimoku cloud bottom : 1.2459
Original strategy :
Sold at 1.2465, stopped at 1.2500
Position : – Short at 1.2465
Target : –
Stop : – 1.2500
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the British pound has rebounded again finding support at 1.2450, dampening our bearishness and further choppy trading is in store, hence upside risk remains for recovery to 1.2520-25, however, as broad outlook remains consolidative, reckon upside would be limited and price should falter below resistance at 1.2559, bring retreat later.
As near term outlook has turned mixed, would be prudent to stand aside in the meantime. Below said support at 1.2450 would revive bearishness and bring weakness to said support at 1.2419, break there would bring test of 1.2400 but below there is needed to add credence to our view that the rebound from 1.2377 has ended at 1.2559, bring further fall towards support at 1.2377.
