GBP/USD – 1.3255
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3250
Kijun-Sen level : 1.3238
Ichimoku cloud top : 1.3239
Ichimoku cloud bottom : 1.3225
Original strategy :
Buy at 1.3200, Target: 1.3300, Stop: 1.3165
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3200, Target: 1.3300, Stop: 1.3165
Position : –
Target : –
Stop : –
As cable has traded narrowly, further sideways trading is in store, however, bullishness remains for recent erratic rise from 1.3039 to resume after consolidation, bring further gain to 1.3300, having said that, as broad outlook remains consolidative, reckon upside would be limited and price should falter below indicated previous resistance area at 1.3321-38, bring another retreat later.
In view of this, would not chase this rise here and would be prudent to buy cable on pullback. Below 1.3200 would bring weakness to 1.3180-85 but only break of support at 1.3170 would abort and risk correction to 1.3150, then test of said support at 1.3134, once this level is penetrated, this would signal top has been formed.
