GBP/USD – 1.2860
Most recent candlesticks pattern  : N/A
Trend                                : Near term down
Tenkan-Sen level                : 1.2866
Kijun-Sen level                   : 1.2875
Ichimoku cloud top             : 1.2881
Ichimoku cloud bottom       : 1.2876
Original strategy :
Sell at 1.2935, Target: 1.2835, Stop: 1.2970
Position : –
Target :Â –
Stop : –
New strategy :
Sell at 1.2935, Target: 1.2835, Stop: 1.2970
Position : –
Target :Â –
Stop : –
Although cable fell briefly to 1.2832, lack of follow through selling suggests consolidation would be seen and another corrective bounce to 1.2900 and possibly 1.2920 cannot be ruled out, however, reckon previous support at 1.2933-40 would turn into resistance and limit upside, bring another decline later, below said support at 1.2832 would extend recent selloff to 1.2800, having said that, oversold condition should limit downside to 1.2770 and reckon 1.2750 would hold from here, bring rebound later.
In view of this, would not chase this fall here and would be prudent to sell sterling on recovery as said previous support at 1.2933 should cap cable’s upside, bring another decline. Above 1.2950 would defer and risk a stronger rebound to 1.2990-00 before another decline.
