GBP/USD – 1.3468
Most recent candlesticks pattern  : N/A
Trend                                : Near term up
Tenkan-Sen level                : 1.3464
Kijun-Sen level                   : 1.3435
Ichimoku cloud top             : 1.3360
Ichimoku cloud bottom       : 1.3326
Original strategy :
Buy at 1.3385, Target: 1.3485, Stop: 1.3350
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 1.3385, Target: 1.3485, Stop: 1.3350
Position : –
Target :Â –
Stop : –
As cable has maintained a firm undertone after recent rally above previous resistance at 1.3383 (now support), adding credence to our bullish view that the erratic rise from 1.3027 low is still in progress, hence upside bias remains for this move to extend further gain to 1.3480-85, however, overbought condition should prevent sharp move beyond 1.3500-10 and price should falter below 1.3525-30, bring retreat later.
In view of this, would not chase this rise here and would be prudent to buy sterling on subsequent pullback as 1.3383 (previous resistance turned support) should limit downside and bring another rise. Below 1.3355-60 would suggest top is formed instead, bring weakness to 1.3330, then towards 1.3300 but reckon downside would be limited to 1.3260-65.
