GBP/USD – 1.3024
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3024
Kijun-Sen level : 1.3032
Ichimoku cloud top : 1.3066
Ichimoku cloud bottom : 1.3050
Original strategy :
Sell at 1.3090, Target: 1.2990, Stop: 1.3125
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3090, Target: 1.2990, Stop: 1.3125
Position : –
Target : –
Stop : –
Cable has continued trading narrowly and further sideways trading is in store, however, as the retreat from 1.3126 suggests temporary top is possibly formed, reckon upside would be limited to 1.3090-00 and bring another retreat, below support at 1.3005 would add credence to this view, bring retracement of recent upmove to 1.2965-70 (50% Fibonacci retracement of 1.2812-1.3126), then test of previous resistance at 1.2955 but reckon 1.2930-35 (61.8% Fibonacci retracement) would limit downside and support at 1.2912 should remain intact.
In view of this, we are looking to sell cable on recovery as 1.3090-00 should limit upside. Only break of said this week’s high at 1.3126 would signal recent upmove has resumed and extend gain to 1.3150-60 but upside should be limited to 1.3190-00, bring retreat later.
