GBP/USD – 1.2840
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2845
Kijun-Sen level : 1.2864
Ichimoku cloud top : 1.2875
Ichimoku cloud bottom : 1.2873
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although cable finally resumed recent decline as the pair broke below support at 1.2832, loss of downward momentum should prevent sharp fall below previous support at 1.2812 and reckon 1.2770 would limit downside, price should stay above 1.2750 today and risk from there is seen for a rebound to take place later.
In view of this, would not chase this fall here and would be prudent to stand aside for now. Above the upper Kumo (now at 1.2875) would suggest an intra-day low is formed and bring a stronger rebound to 1.2890 but only break of resistance at 1.2917-18 would signal a temporary low is formed, bring retracement of recent decline to 1.2933-40 (previous support) first.
