GBP/USD - 1.5615

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

Tenkan-Sen level                       :1.5624
Kijun-Sen level                        :1.5620
Ichimoku cloud top                     :1.5564
Ichimoku cloud bottom                 :1.5514

Original strategy :  

Buy at 1.5550, Target: 1.5670, Stop: 1.5515

Position: -
Target:  -
Stop:- 

New strategy  : 

Buy at 1.5520, Target: 1.5655, Stop: 1.5485

Position: -
Target:  -
Stop:- 

Despite intra-day brief bounce to 1.5669, as cable has retreated after faltering below yesterday’s high of 1.5672, suggesting near term downside risk remains for retracement of recent rise to previous resistance at 1.5574, however, reckon the Ichimoku cloud bottom (now at 1.5514) would limit downside and bring another rebound later. Above said resistance would extend the rise from 1.5361 to 1.5692, however, loss of near term upward momentum should prevent sharp move beyond 1.5725-30 and price should falter well below resistance at 1.5775, bring retreat later.

In view of this, we are looking to buy cable on further pullback. Only a sustained breach below the Ichimoku cloud bottom (now at 1.5514) would suggest a temporary top is possibly and bring deeper correction to 1.5490 and possibly to previous support at 1.5472 which is likely to would hold from here.