GBP/USD – 1.3404
Most recent candlesticks pattern  : N/A
Trend                                : Near term down
Tenkan-Sen level                : 1.3418
Kijun-Sen level                   : 1.3399
Ichimoku cloud top             : 1.3438
Ichimoku cloud bottom       : 1.3393
Original strategy :
Buy at 1.3385, Target: 1.3485, Stop: 1.3350
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 1.3375, Target: 1.3475, Stop: 1.3340
Position : –
Target :Â –
Stop : –
Although cable has retreated after meeting resistance at 1.3455 and initial downside risk is seen for weakness to 1.3375-85, as long as support at 1.3343 holds, mild upside bias remains for another rebound, above said resistance would extend the rebound from 1.3343 to 1.3470 (50% Fibonacci retracement of 1.3596-1.3345), however, reckon resistance at 1.3514 would limit upside and price should falter well below resistance at 1.3571, bring another decline later.
In view of this, we are looking to turn long on dips as 1.3375-85 should limit downside. Only below said support at 1.3343 would abort and signal the selloff from 1.3658 top has resumed and extend weakness to previous resistance at 1.3329, then towards 1.3300.Â
