GBP/USD – 1.3409
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3406
Kijun-Sen level : 1.3326
Ichimoku cloud top : 1.3328
Ichimoku cloud bottom : 1.3321
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite falling briefly to 1.3221, as cable found renewed buying interest there and has staged another rally, suggesting the erratic rise from 1.3027 low is still in progress, hence near term upside bias remains for this move to extend further gain to 1.3435-40, however, overbought condition should prevent sharp move beyond previous resistance at 1.2455 and price should falter below 1.2475-80, bring retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below 1.3355-60 would suggest an intra-day top is formed instead, bring weakness t the Kijun-Sen (now at 1.3315) but reckon downside would be limited to 1.3260-65, bring another rise later.
