GBP/USD – 1.2552
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2559
Kijun-Sen level : 1.2528
Ichimoku cloud top : 1.2468
Ichimoku cloud bottom : 1.2436
New strategy :
Buy at 1.2485, Target: 1.2585, Stop: 1.2450
Position : –
Target : –
Stop : –
As cable has continued trading with a firm undertone after this week’s rally, adding credence to our view that low has been formed at 1.2365 on Monday and upside bias remains for the rebound from there to extend gain to 1.2585-90, however, break of previous resistance at 1.2616 is needed to retain bullishness and extend further subsequent rise to 1.2650-60.
In view of this, would not chase this rise here and would be prudent to buy cable on pullback as 1.2481 support should limit downside and bring another upmove later. Below the upper Kumo (now at 1.2468) would defer and suggest top is formed, risk test of 1.2433 (previous resistance) first.
