GBP/USD – 1.2477
Most recent candlesticks pattern  : N/A
Trend                                : Near term up
Tenkan-Sen level                : 1.2499
Kijun-Sen level                   : 1.2497
Ichimoku cloud top             : 1.2472
Ichimoku cloud bottom       : 1.2424
Original strategy :
Buy at 1.2425, Target: 1.2540, Stop: 1.2390
Position : –
Target :Â –
Stop : –
New strategy :
Stand aside
Position : –
Target :Â –
Stop : –
As cable has retreated after marginal rise to 1.2531 yesterday, suggesting consolidation below this level would be seen and pullback to 1.2450, then towards support at 1.2424 cannot be ruled out, however, a break below latter level is needed to signal top is formed, bring retracement of recent upmove to 1.2400 and then towards 1.2370 but price should stay well above indicated strong support at 1.2335.
In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Above said resistance at 1.2531 would signal recent upmove from 1.2109 is still in progress and may extend further gain to 1.2550 but loss of upward momentum would limit upside to previous chart resistance at 1.2570 and price should falter below 1.2600-10, risk from there has increased for a retreat to take place later.
