GBP/USD – 1.3182
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3177
Kijun-Sen level : 1.3177
Ichimoku cloud top : 1.3253
Ichimoku cloud bottom : 1.3231
Original strategy :
Sell at 1.3225, Target: 1.3125, Stop: 1.3260
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3265, Target: 1.3145, Stop: 1.3300
Position : –
Target : –
Stop : –
Yesterday’s selloff after meeting renewed selling interest at 1.3287 adds credence to our view that top has been formed at 1.3338 late last week and consolidation with downside bias remains for this move to extend further weakness to 1.3140, then towards support at 1.3121, however, break of latter level is needed to retain bearishness and bring further subsequent decline to 1.3090-00.
In view of this, wee are looking to sell cable on recovery as 1.3255-65 should limit upside, bring another decline later. Above said resistance at 1.3287 would abort and signal low is formed instead, bring rebound to 1.3300 and possibly test of resistance at 1.3312.
