GBP/USD – 1.2421
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.2408
Kijun-Sen level : 1.2397
Ichimoku cloud top : 1.2444
Ichimoku cloud bottom : 1.2437
Original strategy :
Sell at 1.2450, Target: 1.2350, Stop: 1.2485
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.2450, Target: 1.2350, Stop: 1.2485
Position : –
Target : –
Stop : –
As the British pound found good support around 1.2365-66 and has recovered, suggesting consolidation above this level would be seen and gain to 1.2445-50 cannot be ruled out, however,r reckon 1.2475-80 would limit upside and bring another decline later, below said support at 1.2365-66 would extend recent decline from 1.2616 to 1.2350, then towards 1.2325-30 but oversold condition should limit downside and reckon 1.2300 would hold from here.
In view of this, would not chase this fall here and would be prudent to sell cable on further subsequent recovery as 1.2475-80 should limit upside. Only break of resistance at 1.2506 would abort and signal low is formed, bring a stronger rebound to 1.2525-30 first.
