GBP/USD – 1.3225
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3216
Kijun-Sen level : 1.3215
Ichimoku cloud top : 1.3203
Ichimoku cloud bottom : 1.3189
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: 1.3170
Position : – Long at 1.3180
Target : – 1.3280
Stop : – 1.3170
Although the British pound retreated after rising to 1.3260 late last week, as 1.3170 has contained downside, retaining our bullishness for recent erratic rise from 1.3039 to bring retest of said resistance, break there would extend 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 said support at 1.3170 would abort and risk correction to 1.3150 but only break of said support at 1.3134 would signal top has been formed instead, bring weakness to 1.3100, then towards support at 1.3062.
