GBP/USD – 1.2509
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2501
Kijun-Sen level : 1.2480
Ichimoku cloud top : 1.2423
Ichimoku cloud bottom : 1.2408
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As cable has maintained a firm undertone after yesterday’s rally, suggesting low has been formed at 1.2365 on Monday and near term upside risk remains for the rebound from there to extend gain to 1.2525-30, however, break there is needed to add credence to this view and bring further rise towards resistance at 1.2559 but near term overbought condition should prevent sharp move beyond 1.2575-80 and price should falter below 1.2600, bring retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside for now. Below 1.2445-50 would suggest an intra-day top is possibly formed, bring weakness to 1.2420, break there would confirm and bring further fall to 1.12400-05 which is likely to hold on first testing.
