GBP/USD - 1.5039

Original strategy :

Sold at 1.5050, Target: 1.4950, Stop: 1.5100

New strategy  :

Hold short entered at 1.5050, Target: 1.4950, Stop: 1.5080

Cable’s rebound after intra-day selloff to 1.4949 suggests caution on our short position entered at 1.5050 and the Kijun-Sen (now at 1.5070) must hold to retain our bearish view for the decline from 1.5241 top to resume, break of said support would extend weakness towards 1.4899 (38.2% Fibonacci retracement of 1.4346 to 1.5241), however, near term loss of momentum should prevent sharp fall below there and reckon support at 1.4873 should remain intact and bring rebound later.

In view of this, we are holding on to our short position. Only above previous minor support at 1.5078 would risk stronger rebound to 1.5102 (another previous support) would confirm low has been formed and risk recovery towards the Ichimoku cloud (now at 1.5161) before another decline.