GBP/USD – 1.2923
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2902
Kijun-Sen level : 1.2898
Ichimoku cloud top : 1.2878
Ichimoku cloud bottom : 1.2876
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although sterling has rebounded today in part due to cross-buying in pound and gain to 1.2940-45 (61.8% Fibonacci retracement of 1.3048-1.2769) and possibly towards 1.2970 cannot be ruled out, as broad outlook remains consolidative, reckon overbought condition would limit upside to 1.3000 and price should falter below 1.3015 resistance, bring retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside for now. Below 1.2880-85 would bring test of 1.2845-50 but break of latter level is needed to signal top is formed, bring test of 1.2830 support, once this level is penetrated, this would signal the rebound from 1.2769 has ended, bring further fall to 1.2800, however, said support at 1.2769 should remain intact.
