GBP/USD – 1.3277
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3280
Kijun-Sen level : 1.3284
Ichimoku cloud top : 1.3261
Ichimoku cloud bottom : 1.3230
Original strategy :
Bought at 1.3250, Target: 1.3350, Stop: 1.3245
Position : – Long at 1.3250
Target : – 1.3350
Stop : – 1.3245
New strategy :
Hold long entered at 1.3250, Target: 1.3350, Stop: 1.3245
Position : – Long at 1.3250
Target : – 1.3350
Stop : – 1.3245
As the British pound has eased after Friday’s brief rise to 1.3338, suggesting minor consolidation below this level would be seen, however, as long as 1.3245-50 holds, bullishness remains for the rise from 1.3027 low to bring a stronger retracement of recent decline, hence gain to 1.3345-50 and then 1.3375-80 (61.8% Fibonacci retracement of 1.3596-1.3027), however, overbought condition should limit upside to 1.3400-10, bring another retreat later.
In view of this, we are holding on to our long position entered at 1.3250. Below 1.3245 would defer and risk test of the Kijun-Sen (now at 1.3223), break there would defer and suggest top is formed, bring weakness to 1.3200, then towards 1.3175 but said support at 1.3121 should remain intact.
