GBP/USD – 1.3527
Most recent candlesticks pattern  : N/A
Trend                                : Near term up
Tenkan-Sen level                : 1.3530
Kijun-Sen level                   : 1.3491
Ichimoku cloud top             : 1.3432
Ichimoku cloud bottom       : 1.3351
Original strategy :
Buy at 1.3385, Target: 1.3485, Stop: 1.3350
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 1.3440, Target: 1.3560, Stop: 1.3405
Position : –
Target :Â –
Stop : –
As cable has continued trading with a firm undertone after rising to 1.3549 yesterday, 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 1.3570-75, however, overbought condition should prevent sharp move beyond 1.3600-10 and price should falter below 1.3640-50, bring retreat later.
In view of this, would not chase this rise here and would be prudent to buy sterling on subsequent pullback as the upper Kumo (now at 1.3432) would limit downside and bring another rise. Below 1.3400-10 would defer and suggest top is possibly formed, risk correction to support at 1.3374 but the lower Kumo (now at 1.3351) should remain intact.Â
