GBP/USD – 1.3196
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.3197
Kijun-Sen level : 1.3201
Ichimoku cloud top : 1.3173
Ichimoku cloud bottom : 1.3116
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As cable has eased after faltering below resistance at 1.3226 (yesterday’s high), suggesting consolidation below this level would be seen and pullback to 1.3145-50 cannot be ruled out, however, break of support at 1.3126 is needed to signal the rebound from 1.3027 (last week’s low) has ended, bring weakness towards 1.3070-75 first.
On the upside, above said resistance at 1.3226 would extend the corrective rise from 1.3027 to 1.3240-50 (50% Fibonacci retracement of 1.3455-1.3027 and previous resistance), however, further sharp move beyond 1.3270 should not be repeated and price should falter below 1.3291-92 (61.8% Fibonacci retracement and previous resistance), bring retreat later. As near term outlook is mixed, would be prudent to stand aside for now.
