GBP/USD – 1.2948
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite yesterday’s euro-led retreat to 1.2903, as cable found good support there and has staged a strong rebound, suggesting the pullback from 1.2991 has possibly ended there and gain towards 1.2999-00 (1.236 times projection of 1.2109-1.2616 measuring from 1.2365 and psychological resistance) cannot be ruled out, however, break there is needed to signal recent upmove has resumed and extend further rise to 1.3040-50, then towards 1.3075-80 which is likely to hold from here due to near term overbought condition.
In view of this, would be prudent to stand aside in the meantime. Below 1.2920 would brig another test of said support at 1.2903, however, break there is needed to revive near term bearishness and suggest a temporary top has been formed at 1.2991, bring correction to 1.2875-80 but price should stay well above last week’s low at 1.2831.
