GBP/USD – 1.3243
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.3227
Kijun-Sen level : 1.3212
Ichimoku cloud top : 1.3153
Ichimoku cloud bottom : 1.3152
Original strategy :
Sold at 1.3255, Target: 1.3135, Stop: 1.3290
Position : – Short at 1.3255
Target : – 1.3135
Stop : – 1.3290
New strategy :
Hold short entered at 1.3255, Target: 1.3135, Stop: 1.3290
Position : – Short at 1.3255
Target : – 1.3135
Stop : – 1.3290
As cable has maintained a firm undertone after staging a strong rebound from 1.3070, suggesting near term upside risk remains for marginal gain, however, as broad outlook remains consolidative, reckon upside would be limited and indicated strong resistance at 1.3279-87 would remain intact, bring retreat later, below 1.3190 would suggest an intra-day top is formed, bring weakness to 1.3150-55 but break of 1.3120-25 is needed to signal the rebound from 1.3070 has ended, then further fall to 1.3100, then retest of 1.3070 would follow.
In view of this, we are holding on to our short position entered at 1.3255. Only above indicated strong resistance at 1.3279-87 would abort and shift risk to the upside for the erratic rise from 1.3027 low is still in progress for further gain to 1.3300-10, then towards 1.3340-50.
