GBP/USD – 1.2755
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2750
Kijun-Sen level : 1.2733
Ichimoku cloud top : 1.2699
Ichimoku cloud bottom : 1.2661
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As cable has continued moving higher after last week’s strong rebound from 1.2589, suggesting near term upside risk remains for this move to bring retracement of recent decline to 1.2780-85 (50% Fibonacci retracement of 1.2978-1.2589), however, reckon upside would be limited to 1.2800 and price should falter below resistance at 1.2818, bring another selloff later.
In view of this, would not chase this move here and would be prudent to stand aside for now. Below 1.2705-10 would suggest an intra-day top is formed, bring weakness towards 1.2675-80 but break of latter level is needed to signal the rebound from 1.2589 has ended, bring retest of this level later.
