GBP/USD - 1.5196

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

Tenkan-Sen level                       :1.5264
Kijun-Sen level                        :1.5261
Ichimoku cloud top                     :1.5296
Ichimoku cloud bottom                 :1.5232

New strategy  :  

Sell at 1.5320, Target: 1.5170, Stop: 1.5370

Despite intra-day brief rebound from 1.5168 to 1.5335, as renewed selling interest emerged just above the Ichimoku cloud top, the sharp retreat from there has revived our bearishness for the decline from 1.5473 top to resume after consolidation. A break below 1.5154 support would bring stronger retracement of recent rise to 1.5090/00 but reckon 1.5016 (100% projection of 1.5473 to 1.5154 measuring from 1.5335. 

In view of this, we are looking to sell cable on recovery. Only above 1.5351 (previous resistance, 61.8% Fibonacci retracement of 1.5473 to 1.5154) would abort and signal low has been formed and risk rebound to 1.5400.