GBP/USD – 1.3020
Most recent candlesticks pattern  : N/A
Trend                                : Near term down
Tenkan-Sen level                : 1.2998
Kijun-Sen level                   : 1.3001
Ichimoku cloud top             : 1.3090
Ichimoku cloud bottom       : 1.3040
Original strategy :
Sell at 1.3055, Target: 1.2955, Stop: 1.3090
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 1.3000, Target: 1.3100, Stop: 1.2965
Position : –
Target :Â –
Stop : –
Although cable slipped to 1.2953 yesterday, the subsequent rebound suggests consolidation above this level would be seen and gain to 1.3059 resistance is likely, however, break there is needed to signal low is possibly formed, bring test of the upper Kumo (now at 1.3090), break there would add credence to this view, bring a stronger rebound to 1.3110-20 but resistance at 1.3165 should remain intact.
In view of this, we are looking to turn long on dips for such rebound. Below 1.2965-70 would signal decline has resumed and extend the fall from 1.3269 top towards previous chart support at 1.2933 but reckon 1.2900 would hold from here, risk from there has increased for a rebound to take place later.Â
