GBP/USD – 1.2275
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.2289
Kijun-Sen level : 1.2309
Ichimoku cloud top : 1.2336
Ichimoku cloud bottom : 1.2304
New strategy :
Sell at 1.2305, Target: 1.2205, Stop: 1.2340
Position : –
Target : –
Stop : –
Although cable staged a strong rebound last week from 1.2200 to 1.2388, the subsequent selloff from there suggests top has been made there and consolidation with downside bias is seen for further fall to 1.2240, however, break of support at 1.2220 is needed to signal recent decline has resumed for retest of 1.2200, below there would extend weakness to 1.2170 and later 1.2150 but 1.2120-25 (50% projection of 1.2728-1.2200 measuring from 1.2388) should limit downside.
In view of this, we are looking to sell cable on recovery as 1.2300-10 should limit upside. Only above 1.2340-50 would defer and suggest the retreat from 1.2388 has ended, bring retest of this level first.
