GBP/USD – 1.3505
Most recent candlesticks pattern  : N/A
Trend                                : Up
Tenkan-Sen level                : 1.3541
Kijun-Sen level                   : 1.3542
Ichimoku cloud top             : 1.3555
Ichimoku cloud bottom       : 1.3525
New strategy :
Stand aside
Position : –
Target :Â –
Stop : –
Although cable retreated after edging higher to 1.3596 and consolidation with mild downside bias is seen for weakness to 1.3470-75, below there is needed to revive near term bearishness and signal the rebound from 1.3452 has ended, bring further fall to this support. Looking ahead, only a drop below 1.3452 would add credence to our view that top has been formed at 1.3658 earlier this week, bring retracement of recent rise to 1.3400-05 (50% Fibonacci retracement of 1.3153-1.3658).
On the upside, above 1.3540 would bring test of 1.3570 but break there is needed to signal an intra-day low is formed, bring test of said resistance at 1.3596, break there would shift risk to the upside and suggest the retreat from 1.3658 has ended, bring further gain to 1.3620-25, then retest of 1.3658. As near term outlook is still mixed, would be prudent to stand aside for now.
