GBP/USD – 1.3352
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.3344
Kijun-Sen level : 1.3371
Ichimoku cloud top : 1.3432
Ichimoku cloud bottom : 1.3389
Original strategy :
Sell at 1.3370, Target: 1.3270, Stop: 1.3405
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3390, Target: 1.3290, Stop: 1.3425
Position : –
Target : –
Stop : –
As the British pound has rebounded after Friday’s cross-inspired selloff to 1.3302. suggesting consolidation above this level would be seen and test of the lower Kumo (now at 1.3389) cannot be ruled out, however, upside would be limited and cable shall head south again from there, below said support at 1.3302 would signal recent decline from 1.3550 top has resumed and may extend further weakness to 1.3280, then towards 1.3250 but still reckon previous support at 1.3221 would remain intact.
In view of this, we are looking to sell cable on recovery as 1.3385-90 should limit upside and bring another decline. Above 1.3420-25 would defer and risk rebound to 1.3445-50 but said resistance at 1.3466 should remain intact and bring another decline later.
