GBP/USD – 1.3047
Original strategy :
Buy at 1.2970, Target: 1.3070, Stop: 1.2935
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2970, Target: 1.3070, Stop: 1.2935
Position : –
Target : –
Stop : –
Yesterday’s rally above previous resistance at 1.3032 confirms recent rise from 1.2774 has resumed and mild upside bias remains for this move to extend further gain to 1.3055-60 (100% projection of 1.2774-1.2979 measuring from 1.2852), then towards 1.3080 (61.8% Fibonacci retracement of 1.3269-1.2774) but near term overbought condition would prevent sharp move beyond 1.3100, risk from there is seen for a retreat to take place later.
In view of this, would not chase this rise here and would be prudent to buy cable on pullback as 1.2970 should limit downside and bring another rise. Below the upper Kumo (now at 1.2951) would defer and risk weakness to the lower Kumo (now at 1.2935) but only break of support at 1.2905-09 would signal top is formed.
