GBP/USD – 1.2947
Original strategy :
Buy at 1.2920, Target: 1.3020, Stop: 1.2885
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2900, Target: 1.3020, Stop: 1.2865
Position : –
Target : –
Stop : –
As cable has retreated after faltering below last week’s high of 1.3030, suggesting consolidation below this level would be seen, hence weakness to 1.2916 support cannot be ruled out, however, reckon downside would be limited to 1.2900 and bring another upmove later, above said resistance at 1.3030 would signal recent upmove is still in progress and may extend further gain towards recent high 1.3048 but loss of near term upward momentum should prevent sharp move beyond 1.3075-80 today and reckon 1.3100 would hold on first testing.
In view of this, would not chase this rise here and we are looking to buy cable again on pullback as 1.2900 should limit downside and bring another rally. Below 1.2870-75 would defer and risk test of previous resistance at 1.2861, break there would suggest a temporary top is formed instead, risk weakness to 1.2830-35 but support at 1.2794 should remain intact.
