GBP/USD – 1.2551
Original strategy :
Buy at 1.2490, Target: 1.2600, Stop: 1.2455
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2490, Target: 1.2600, Stop: 1.2455
Position : –
Target : –
Stop : –
Cable’s retreat after rising to 1.2616 yesterday suggests consolidation below this level would be seen and below 1.2530 would bring retracement to 1.2490-00, however, price should stay well above support at 1.2469, bring another upmove later, above said resistance at 1.2616 would extend recent rise from 1.2109 to 1.2635-40, however, loss of upward momentum should prevent sharp move beyond 1.2670-80 and price should falter below previous resistance at 1.2706, risk from there is seen for a retreat later.
In view of this, would not chase this rise here and would be prudent to buy cable on subsequent retreat. Only below support at 1.2469 (Friday’s low) would abort and signal top is formed, bring retracement of recent upmove towards previous support at 1.2424 which is likely to hold from here.
