GBP/USD – 1.2480
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2448
Kijun-Sen level : 1.2448
Ichimoku cloud top : 1.2436
Ichimoku cloud bottom : 1.2398
Original strategy :
Sold at 1.2475, Target: 1.2375, Stop: 1.2510
Position : – Short at 1.2475
Target : – 1.2375
Stop : – 1.2510
New strategy :
Exit short entered at 1.2475,
Position : – Short at 1.2475
Target : –
Stop : –
Current rally in NY morning in part due to cross trading in sterling suggests low has been formed at 1.2365, hence near term upside risk remains for the rebound from there to extend gain towards resistance at 1.2506, however, break there is needed to add credence to this view and bring further gain to 1.2525-30, however, near term overbought condition should prevent sharp move beyond 1.2550-60, bring retreat later.
In view of this, would be prudent to exit short entered at 1.2475 and stand aside for now. Below 1.2445-50 would suggest an intra-day top is possibly formed, bring weakness to 1.2420, break there would confirm and bring further fall to 1.12400-05 which is likely to hold on first testing.
