Trade Idea : GBP/USD – Buy at 1.2895

GBP/USD – 1.2977

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.2964

Kijun-Sen level                    : 1.2895

Ichimoku cloud top              : 1.2801

Ichimoku cloud bottom        : 1.2784

Original strategy :

Buy at 1.2860, Target: 1.2970, Stop: 1.2825

Position : – 

Target :  –

Stop : –

New strategy  :

Buy at 1.2895, Target: 1.2995, Stop: 1.2860

Position : –

Target :  –

Stop : –

As cable has risen again after brief pullback, suggesting recent upmove is still in progress and may extend further gain to 1.3000 psychological resistance, however, loss of near term upward momentum should prevent sharp move beyond 1.3025-30 and reckon resistance at 1.3048 would hold on first testing, risk from there has increased for a retreat to take place later. 

In view of this, we are looking to buy cable again on pullback as the Kijun-Sen (now at 1.2895) should limit downside. Below previous resistance at 1.2861 would defer and suggest a temporary top is formed instead, risk weakness to 1.2830-35 but support at 1.2794 should remain intact.