Trade Idea : GBP/USD – Buy at 1.2920

GBP/USD – 1.2991

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.2968

Kijun-Sen level                    : 1.2968

Ichimoku cloud top              : 1.2874

Ichimoku cloud bottom        : 1.2841

Original strategy :

Buy at 1.2895, Target: 1.2995, Stop: 1.2860

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 towards recent high 1.3048, however, loss of near term upward momentum should prevent sharp move beyond 1.3075-80 today and reckon 1.4100 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 1.2895-00 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.