GBP/USD – 1.2981
Original strategy :
Bought at 1.3000, Target: 1.3100, Stop: 1.2965
Position : – Long at 1.3000
Target :Â – 1.3100
Stop : – 1.2965
New strategy :
Hold long entered at 1.3000, Target: 1.3100, Stop: 1.2965
Position : – Long at 1.3000
Target :Â – 1.3100
Stop : – 1.2965
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 1.3080-85 (61.8% Fibonacci retracement of 1.3165-1.2953), 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 holding on to our long position entered at 1.3000. 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
