GBP/USD – 1.3200
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3186
Kijun-Sen level : 1.3195
Ichimoku cloud top : 1.3178
Ichimoku cloud bottom : 1.3129
Original strategy :
Buy at 1.3125, Target: 1.3225, Stop: 1.3090
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3125, Target: 1.3225, Stop: 1.3090
Position : –
Target : –
Stop : –
As cable has continued trading with a firm undertone, suggesting bullishness remains for recent upmove from 1.2774 to resume after consolidation, above last week’s high at 1.3224 would extend gain to 1.3250, however, loss of near term upward momentum should prevent sharp move beyond recent high at 1.3269, risk from there has increased for a retreat to take place later.
In view of this, would not chase this rise at current level and would be prudent to buy cable on subsequent pullback as 1.3120-25 should limit downside. Only below 1.3082 (previous resistance turned support) would abort ad suggest top is possibly formed, risk test of 1.3062 but reckon support at 1.3033 would hold.
