GBP/USD – 1.2983
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite yesterday’s rise to 1.3043, as cable has retreated after faltering below indicated resistance at 1.3048 (last week’s high), retaining our view that further choppy trading below this level would be seen and pullback to 1.2950 cannot be ruled out, however, reckon downside would be limited to 1.2920-25 and said support at 1.2889 should remain intact, bring another rebound later.
On the upside, only a break of said resistance at 1.3048 would confirm recent upmove has resumed an extend further gain to 1.3075-80 and possibly towards 1.3100-10 later. As near term outlook is mixed, would be prudent to stand aside in the meantime.
