GBP/USD – 1.3174
Original strategy :
Sell at 1.3265, Target: 1.3145, Stop: 1.3300
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3265, Target: 1.3145, Stop: 1.3300
Position : –
Target : –
Stop : –
Although cable fell briefly to 1.3133 in London morning, lack of follow through selling and current rebound suggest consolidation would be seen and recovery to 1.3220-25 cannot be ruled out, however, reckon upside would be limited to 1.3255-65 and bring another decline later, below said support at 1.3133 would extend the fall from 1.3338 to support at 1.3121, however, break there 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 subsequent 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.
