GBP/USD – 1.3213
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.3187
Kijun-Sen level : 1.3172
Ichimoku cloud top : 1.3122
Ichimoku cloud bottom : 1.3112
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Cable has edged higher again and near term upside risk remains for the corrective rise from 1.3027 (last week’s low) to bring retracement of recent decline, hence gain to 1.3220-25 cannot be ruled out, however, reckon upside would be limited to 1.3240-50 (50% Fibonacci retracement of 1.3455-1.3027 and previous resistance), however, further sharp move beyond 1.3270 should not be repeated and price should falter below 1.3291-92 (61.8% Fibonacci retracement and previous resistance), bring retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside for now. Below 1.3150-60 would bring test of support at 1.3126, break there would signal an intra-day top is formed but break of 1.3100 is needed to signal the rebound from 1.3027 has ended, then fall to 1.3070-75 would follow.
