GBP/USD – 1.3375
Original strategy :
Bought at 1.3375, Target: 1.3475, Stop: 1.3340
Position : – Long at 1.3375
Target :Â – 1.3475
Stop : – 1.3340
New strategy :
Hold long entered at 1.3375, Target: 1.3475, Stop: 1.3340
Position : – Long at 1.3375
Target :Â – 1.3475
Stop : – 1.3340
Although cable retreated after meeting resistance at 1.3455 and initial downside risk is seen, 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 holding on to our long position entered at 1.3375. 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
