GBP/USD – 1.3133
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3122
Kijun-Sen level : 1.3092
Ichimoku cloud top : 1.3049
Ichimoku cloud bottom : 1.2996
Original strategy :
Buy at 1.3000, Target: 1.3120, Stop: 1.2965
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3075, Target: 1.3175, Stop: 1.3045
Position : –
Target : –
Stop : –
As cable has surged again after brief pullback, adding credence to our bullish view that recent upmove from 1.2774 is still in progress and upside bias remains for further gain to 1.3175-80, then towards 1.3200, however, loss of near term upward momentum should prevent sharp move beyond 1.3225-30 and price should falter well below recent high at 1.3269, bring retreat later.
In view of this, would not chase this rise at current level and would be prudent to buy cable on subsequent pullback as 1.3070-80 should limit downside. Below the upper Kumo (now at 1.3049) would defer and risk test of support at 1.3033 (yesterday’s low) but only a drop below this level would confirm top is formed.
