GBP/USD - 1.5190

Most recent candlesticks pattern : N/A
Trend                                    : Near term up

Tenkan-Sen level                       :1.5189
Kijun-Sen level                        :1.5137
Ichimoku cloud top                     :1.4990
Ichimoku cloud bottom                 :1.4971

Original strategy :

Buy at 1.5100, Target: 1.5250, Stop: 1.5050

New strategy  :  

Buy at 1.5095, Target: 1.5250, Stop: 1.5045

As the British pound has eased after intra-day brief rise to 1.5230, suggesting minor consolidation would be seen and pullback to intra-day support at 1.515 and then the Kijun-Sen (now at 1.5137) cannot be ruled out, however, reckon renewed buying interest would emerge around 1.5090/95 (approx. 38.2 % Fibonacci retracement of 1.4873 to 1.5230) and bring another rally later to 1.5241 (38.2% Fibonacci retracement of 1.6879 to 1.4228) and then towards 1.5290. Having said that, loss of near term upward momentum should prevent sharp move beyond 1.5313 (50% projection of 1.4873 to 1.5199 measuring from 1.5150) and reckon 1.5351 (61.8% projection) would hold from here..

In view of this, we are looking to buy cable on pullback. Only below 1.5045/50 would defer and signal temporary top has been formed, risk correction to the Ichimoku cloud top at 1.4990.