GBP/USD – 1.2989
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2996
Kijun-Sen level : 1.2987
Ichimoku cloud top : 1.2998
Ichimoku cloud bottom : 1.2987
Original strategy :
Sell at 1.3030, Target: 1.2930, Stop: 1.3065
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3040, Target: 1.2940, Stop: 1.3075
Position : –
Target : –
Stop : –
Cable recovered after falling to 1.2933 yesterday and minor consolidation would be seen, however, as the drop from 1.3126 signals a temporary top has possibly been formed there, reckon upside would be limited to 1.3025-30 and bring another decline later, below 1.2932-33 (61.8% Fibonacci retracement of 1.2812-1.3126 and said support would bring test of previous support at 1.2912 but break of latter level is needed to retain bearishness and extend the fall from 1.3126 top to 1.2880-85 first.
In view of this, we are looking to sell cable on recovery as 1.3035-40 should limit upside. Only break of resistance at 1.3062 would abort and signal an intra-day low is formed instead, bring a stronger rebound towards 1.3090-00 but resistance at 1.3126 should remain intact.
