GBP/USD – 1.2413
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2418
Kijun-Sen level : 1.2418
Ichimoku cloud top : 1.2410
Ichimoku cloud bottom : 1.2400
Original strategy :
Sell at 1.2475, Target: 1.2375, Stop: 1.2510
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.2475, Target: 1.2375, Stop: 1.2510
Position : –
Target : –
Stop : –
Cable’s rebound after finding good support around 1.2365-66 has retained our view that further consolidation above this level would be seen and gain to 1.2445-50 cannot be ruled out, however, reckon 1.2475-80 would limit upside and bring another decline later, below said support at 1.2365-66 would extend recent decline from 1.2616 to 1.2350, then towards 1.2325-30 but oversold condition should limit downside and reckon 1.2300 would hold from here.
In view of this, would not chase this fall here and would be prudent to sell cable on further subsequent recovery as 1.2475-80 should limit upside. Only break of resistance at 1.2506 would abort and signal low is formed, bring a stronger rebound to 1.2525-30 first.
