GBP/USD – 1.2352
Original strategy :
Buy at 1.2310, Target: 1.2410, Stop: 1.2275
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 1.2290, Target: 1.2400, Stop: 1.2255
Position : –
Target :Â –
Stop : –
As cable has eased after rising to 1.2399, suggesting consolidation below this level would be seen and pullback to 1.2320-25 cannot be ruled out, however, reckon downside would be limited o 1.2290-00 and bring another rise later, above said resistance at 1.2399 would extend recent rise from 1.2109 low to 1.2410-15 but reckon 1.2440-50 would hold, price should falter well below resistance at 1.2471, bring retreat later.
In view of this, would not chase this move from here and we are looking to buy cable on pullback as 1.2290-00 should limit downside and bring another rise. Below 1.2265-70 would suggest top is possibly formed, risk test of said support at 1.2241 which is likely to hold on first testing.
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