GBP/USD – 1.3261
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3252
Kijun-Sen level : 1.3246
Ichimoku cloud top : 1.3210
Ichimoku cloud bottom : 1.3198
New strategy :
Buy at 1.3200, Target: 1.3300, Stop: 1.3165
Position : –
Target : –
Stop : –
As cable has maintained a firm undertone after yesterday’s anticipated rise to 1.3280, adding credence to our bullish view that recent erratic rise from 1.3039 is still in progress and further gain to 1.3300 is likely, however, as broad outlook remains consolidative, reckon upside would be limited and price should falter below indicated previous resistance area at 1.3321-38, bring another retreat later.
In view of this, would not chase this rise here and would be prudent to buy cable on pullback. Below 1.3210-15 would bring weakness to 1.3180-85 but only break of support at 1.3170 would abort and risk correction to 1.3150, then test of said support at 1.3134, once this level is penetrated, this would signal top has been formed.
