GBP/USD - 1.5611

Most recent candlesticks pattern : N/A
Trend                                    : Up

Tenkan-Sen level                       :1.5605
Kijun-Sen level                        :1.5592
Ichimoku cloud top                     :1.5551
Ichimoku cloud bottom                 :1.5511

Original strategy :

Buy at 1.5500, Target: 1.5640, Stop: 1.5450

New strategy  :  

Buy at 1.5550, Target: 1.5660, Stop: 1.5500

Despite yesterday’s marginal rise to 1.5638, as the British pound has retreated thereafter, suggesting minor consolidation would be seen, however, renewed buying interest should emerge around 1.5545-51 (previous support and current level of the Ichimoku cloud top), bring another upmove. Above said resistance would extend gain to 1.5645/50 (50% projection of 1.5125 to 1.5530 measuring from 1.5443) but reckon 1.5690/95 (61.8% projection) would limit upside and risk from there has increased for a correction later. 

In view of this, would not chase this move at current level and we prefer to buy cable on pullback. Below the Ichimoku cloud bottom (now at 1.5511) would signal temporary top has been formed and risk retracement to 1.5443-50.