GBP/USD – 1.2175
Original strategy :
Sell at 1.2215, Target: 1.2115, Stop: 1.2250
Position : –
Target : –
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As cable has recovered after holding above support at 1.2135, suggesting consolidation above this level would be seen and corrective bounce to 1.2210-15 is likely, however, reckon upside would be limited to 1.2245-55 but price should falter well below resistance at 1.2301, bring another decline later.
In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Below said support at 1.2135 would signal recent decline has once again resumed and extend weakness to 1.2100, however, loss of near term downward momentum should prevent sharp fall below 1.2070-75 and price should stay above 1.2050, risk from there is seen for a rebound later.
