GBP/USD – 1.3169
Original strategy :
Sell at 1.3225, Target: 1.3125, Stop: 1.3260
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3255, Target: 1.3135, Stop: 1.3290
Position : –
Target : –
Stop : –
Yesterday’s selloff after meeting renewed selling interest at 1.3287 adds credence to our view that top has been formed at 1.3338 late last week and consolidation with downside bias remains for this move to extend further weakness to 1.3140, then towards support at 1.3121, however, break of latter level is needed to retain bearishness and bring further subsequent decline to 1.3090-00.
In view of this, wee are looking to sell cable on recovery as previous support at 1.3225 should turn into resistance and limit upside, bring another decline later. Above 1.3250-60 would risk another test of said resistance at 1.3287 but only break there would signal low is formed instead, bring rebound to 1.3300 and possibly test of resistance at 1.3312.
