GBP/USD - 1.5675

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

Tenkan-Sen level                       :1.5623
Kijun-Sen level                        :1.5615
Ichimoku cloud top                     :1.5672
Ichimoku cloud bottom                 :1.5623

Original strategy :

Bought at 1.5575, met target at 1.5680

New strategy  :  

Stand aside

The British pound rebounded in line with our expectation and our long position entered at 1.5575 met indicated upside target at 1.5680 (with 105 points profit), price is now testing the Ichimoku cloud top and although retracement of recent decline to 1.5712-14 (38.2% Fibonacci retracement of 1.5999 to 1.5535 and previous resistance) is likely, near term overbought condition would limit upside and reckon 1.5767 (61.8% Fibonacci retracement of 1.5910 to 1.5535) would hold from here.

In view of this, would not chase this move here and we prefer to stand aside in the meantime and look to buy cable again on pullback as the Kijun-Sen (now at 1.5615) should limit downside and 1.555/60 should hold.