GBP/USD – 1.2444
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although cable has retreated after yesterday’s rise to 1.2524 in part due to cross-trading in sterling and consolidation below said resistance would be seen, break of 1.2400 is needed to revive bearishness and signal the rebound from 1.2377 has ended at 1.2524, bring retest of 1.2377 (this week’s low) first, otherwise, further choppy trading would take place and risk of another rebound remains.
In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above 1.2500 would bring another test of 1.2524, break there would bring test of previous support at 1.2539, however, break there is needed to signal the fall from 1.2616 has ended, bring further rise to 1.2555-60 later.
