GBP/USD - 1.5464

New strategy  : 

Buy at 1.5360, Target: 1.5480, Stop: 1.5325

Position: -
Target:  -
Stop:-

As cable has continued to traded with a firm undertone after breaking resistance at 1.5410, suggesting bullishness remains for near term rise from 1.5234 temporary low to bring a stronger retracement of recent decline to 1.5500-05 (previous resistance and 61.8% Fibonacci retracement of 1.5672-1.5234), however, near term overbought condition should limit upside to 1.5540-50 and risk from there has increased for another decline later this week.

In view of this, we are looking to buy cable on pullback as the Ichimoku cloud top (now at 1.5360) should limit downside. Only below support at 1.5321 would abort and signal top is formed and risk weakness to 1.5270-75 later.