GBP/USD – 1.3423
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3416
Kijun-Sen level : 1.3302
Ichimoku cloud top : 1.3250
Ichimoku cloud bottom : 1.3232
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although cable has risen again after brief pullback and near term upside risk remains for recent upmove to extend gain to 1.3450-60, loss of near term upward momentum should prevent sharp move beyond 1.3475-80 and reckon 1.3500 would hold from here, risk from there has increased for a retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below 1.3380-85 would defer and suggest top is possibly formed, bring correction to 1.3340-45, break there would confirm and further weakness to the Kijun-Sen (now at 1.3302) would follow.
