GBP/USD - 1.5481

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

Tenkan-Sen level                       :1.5493
Kijun-Sen level                        :1.5520
Ichimoku cloud top                     :1.5521
Ichimoku cloud bottom                 :1.5481

New strategy  :  

Stand aside

Although the British pound slipped after Fed Chairman Bernanke’s comments, as price has just bounced from 1.5442 partly due to cross-trading, suggesting consolidation would be seen but as suggested in our previous update that above the Kijun-Sen (now at 1.5520) is needed to signal intra-day low is in place, break of resistance at 1.5543 would confirm and revive our bullishness for another test of 1.5599.

On the downside, break of said intra-day support would suggest the correction from 1.5373 low has ended at 1.5599 yesterday and extend fall to 1.5400/10, then 1.5389, break there would signal decline from 1.5999 top has resumed for retest of 1.5373 first.

As near term outlook is still mixed, we are standing aside for now.