GBP/USD – 1.3101
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3098
Kijun-Sen level : 1.3092
Ichimoku cloud top : 1.3177
Ichimoku cloud bottom : 1.3123
Original strategy :
Sell at 1.3150, Target: 1.3030, Stop: 1.3185
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3175, Target: 1.3045, Stop: 1.3210
Position : –
Target : –
Stop : –
As cable has rebounded again today, retaining our view that further consolidation above Friday’s low at 1.3039 would be seen and corrective bounce to 1.3150 cannot be ruled out, however, reckon upside would be limited to the upper Kumo (now at 1.3177) and bring another decline, below said support at 1.3039 would bring retest of recent low at 1.3027 but break there is needed to signal early downtrend has resumed for weakness to psychological support at 1.3000, then towards 1.2970-75.
In view of this, would not chase this fall here and would be prudent to sell cable on recovery as 1.3170-75 should limit upside and bring another decline later. Above 1.3200 would defer and prolong choppy trading, risk rebound to 1.3235-40 first.
