Trade Idea: GBP/USD - Sell At 1.5300

GBP/USD - 1.5106

Most recent candlesticks pattern : N/A

Trend : Down

Tenkan-Sen level : 1.5212
Kijun-Sen level : 1.5340
Ichimoku cloud top : 1.5582
Ichimoku cloud bottom : 1.5529

New strategy

Sell at 1.5300, Target: 1.5100, Stop: 1.5365

As the British pound has remained under pressure, suggesting recent decline is still in progress and weakness towards 1.5087 (61.8% projection of 1.5575 to 1.5187 measuring from 1.5327) is likely, however, oversold condition would prevent sharp fall below 1.4999 (61.8% projection of 1.6277 to 1.5345 measuring from 1.5575) and bring rebound later this week.

In view of the above analysis, would not advise chasing this decline at current level and prefer to sell cable on subsequent recovery as 1.5340-45 (current level of the Kijun-Sen and previous support) would cap upside. A firm breach there would suggest a temporary low is possibly formed and risk retracement to 1.5470/80.