GBP/USD – 1.3275
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3312
Kijun-Sen level : 1.3325
Ichimoku cloud top : 1.3341
Ichimoku cloud bottom : 1.3326
Original strategy :
Bought at 1.3280, Target: 1.3380, Stop: 1.3245
Position : – Long at 1.3280
Target : – 1.3380
Stop : – 1.3245
New strategy :
Exit long entered at 1.3280
Position : – Long at 1.3280
Target : –
Stop : –
As cable ran into renewed selling interest at 1.3358 and has slipped again, dampening our bullishness and suggesting a temporary top has been formed at 1.3383, hence downside risk remains for weakness to 1.3250-55 (61.8% Fibonacci retracement of 1.3170-1.3383), however, still reckon downside would be limited to 1.3230 and support at 1.3209-13 would hold from here, bring rebound later.
In view of this, would be prudent to exit long entered at 1.3280 and stand aside for now. Above the Tenkan-Sen (now at 1.3312) would bring test of the Kijun-Sen (now at 1.3325) but only break of said resistance at 1.3358 would revive bullishness and signal the retreat from 1.3383 has ended, bring retest of this level first.
