GBP/USD - 1.6030

Most recent candlesticks pattern : Shooting star
Trend                                    : Near term down

Tenkan-Sen level                       :1.5988
Kijun-Sen level                        :1.6018
Ichimoku cloud top                     :1.6206
Ichimoku cloud bottom                 :1.6120

Original strategy :  

Sell at 1.6110, Target: 1.5980, Stop: 1.6145

New strategy  : 

Sell at 1.6140, Target: 1.5990, Stop: 1.6175

Current break of the Kijun-Sen signals a temporary low has been formed at 1.5937 and consolidation with mild upside bias is seen for retracement to the Ichimoku cloud bottom (now at 1.6120), however, reckon renewed selling interest would emerge around previous resistance at 1.6142 and bring another decline later. Below the Tenkan-Sen (now at 1.5988) would suggest rebound from 1.5937 has possibly ended and bring a retest of this level, break there would extend the decline from 1.6403 top to 1.5910/20, however, loss of near term downward momentum should prevent sharp fall below 1.5870/75 (50% Fibonacci retracement of 1.5345 to 1.6403) and bring rebound later.

In view of this, we are still looking to sell cable on recovery but at a higher level. Only above 1.6170 (50% Fibonacci retracement of 1.6403 to 1.5937) would abort and signal temporary low is formed, bring retracement to the Ichimoku cloud top (now at 1.6206).