GBP/USD - 1.5677

New strategy  : 

Stand aside

Position: -
Target:  -
Stop:-

Despite intra-day brief bounce to 1.5816, cable met heavy selling interest right at the Kijun-Sen and has tumbled, dampening our bullishness and signal the rebound from 1.5644 has ended at 1.5880 and weakness to 1.5655 cannot be ruled out, however, as broad outlook is still consolidative, reckon downside would be limited and said support at 1.5644 would hold on first testing, bring another rebound later.

In view of this, would not chase this move here and would be prudent to stand aside for now. On the upside, whilst recovery to 1.5720-25 cannot be ruled out, upside should be limited to the Kijun-Sen (now at 1.5749) and said resistance at 1.5816 should cap upside, bring another decline later.