GBP/USD – 1.3215
Most recent candlesticks pattern  : N/A
Trend                                : Near term up
Tenkan-Sen level                : 1.3267
Kijun-Sen level                   : 1.3267
Ichimoku cloud top             : 1.3227
Ichimoku cloud bottom       : 1.3225
Original strategy :
Buy at 1.3195, Target: 1.3295, Stop: 1.3160
Position : –
Target :Â –
Stop : –
New strategy :
Sell at 1.3285, Target: 1.3185, Stop: 1.3320
O.C.O.
Buy at 1.3160, Target: 1.3260, Stop: 1.3125
Position : –
Target :Â –
Stop : –
As cable has dropped again after meeting renewed selling interest at 1.3290, suggesting a temporary top has been formed at 1.3329, hence consolidation with downside bias is seen for correction to 1.3195-00, then towards support at 1.3161, however, near term oversold condition should limit downside to 1.3130-35 today and bring recovery later to 1.3250 and then towards resistance at 1.3290 but price should falter well below said resistance at 1.3329, bring another corrective decline later.
In view of this, whilst we are still looking to buy cable on further corrective fall, we would sell sterling on recovery as said resistance at 1.3290 should cap upside, bring another corrective decline later. Only break of said resistance at 1.3329 would abort and signal recent upmove is still in progress for headway to 1.3355-60 (61.8% projection of 1.2909-1.3224 measuring from 1.3161).Â
