GBP/USD – 1.3411
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.3377
Kijun-Sen level : 1.3361
Ichimoku cloud top : 1.3392
Ichimoku cloud bottom : 1.3383
Original strategy :
Sold at 1.3390, Target: 1.3290, Stop: 1.3425
Position : – Short at 1.3370
Target : – 1.3270
Stop : – 1.3425
New strategy :
Hold short entered at 1.3390, Target: 1.3290, Stop: 1.3425
Position : – Short at 1.3390
Target : – 1.3290
Stop : – 1.3425
Although the British pound has staged a strong rebound today after marginal fall to 1.3302, reckon upside would be limited and mild downside bias remains for another decline, below 1.3360-65 would bring test of 1.3330-35 but break there is needed to signal the rebound from 1.3302 has ended, bring retest of this level, break there would extend recent decline from 1.3550 top to 1.3280, then towards 1.3250, however, still reckon previous support at 1.3221 would remain intact.
In view of this, we are holding on to our short position entered at 1.3390. Above 1.3420-25 would defer and risk rebound to 1.3445-50 but said resistance at 1.3466 should remain intact and bring another decline later.
