GBP/USD – 1.3192
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3215
Kijun-Sen level : 1.3215
Ichimoku cloud top : 1.3168
Ichimoku cloud bottom : 1.3145
Original strategy :
Bought at 1.3180, Target: 1.3280, Stop: 1.3145
Position : – Long at 1.3180
Target : – 1.3280
Stop : – 1.3145
New strategy :
Hold long entered at 1.3180, Target: 1.3280, Stop: 1.3145
Position : – Long at 1.3180
Target : – 1.3280
Stop : – 1.3145
As the British pound has retreated after rising 1.3260, suggesting consolidation below this level would be seen, however, reckon 1.3150-60 would contain downside and bring another rise later, above said resistance at 1.3260 would add credence to our view that the erratic rise from 1.3039 is still in progress for headway to 1.3280-90, however, as broad outlook remains consolidative, reckon upside would be limited and another previous resistance at 1.3321 should remain intact, bring retreat later.
In view of this, we are holding on to our long position entered at 1.3180. Below 1.3170-75 would risk correction to 1.3150 but only break of said support at 1.3134 would abort and signal top is formed instead, bring weakness to 1.3100, then towards support at 1.3062.
