GBP/USD – 1.2568
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2545
Kijun-Sen level : 1.2525
Ichimoku cloud top : 1.2497
Ichimoku cloud bottom : 1.2478
New strategy :
Buy at 1.2490, Target: 1.2600, Stop: 1.2455
Position : –
Target : –
Stop : –
As cable has surged again today, adding credence to our bullish view that recent upmove from 1.2109 is still in progress and upside bias remains for this move to extend further gain to 1.2600, then towards 1.2635-40, however, loss of upward momentum should prevent sharp move beyond 1.2670-80 and price should falter below previous resistance at 1.2706, risk from there is seen for a retreat later.
In view of this, would not chase this rise here and would be prudent to buy cable on subsequent retreat. Only below support at 1.2469 (Friday’s low) would abort and signal top is formed, bring retracement of recent upmove towards previous support at 1.2424 which is likely to hold from here.
