GBP/USD – 1.2719
Original strategy :
Buy at 1.2510, Target: 1.2610, Stop: 1.2475
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2650, Target: 1.2750, Stop: 1.2615
Position : –
Target : –
Stop : –
As cable has rallied again after finding renewed buying interest at 1.2515, signaling recent upmove is still in progress and bullishness remains for recent rise from 1.2109 to extend further gain to 1.2755-60 (1.236 times projection of 1.2365-1.2575 measuring from 1.2500), however, reckon previous resistance at 1.2775 would limit upside and risk from there is seen for a retreat to take place later.
In view of this, would not chase this rise here and would be prudent to buy cable on subsequent pullback as 1.2650-55 should limit downside and bring another rise later. Below previous resistance at 1.2616 (now support) would defer and risk correction to 1.2570-75 and possibly 1.2545-50 but price should stay well above support at 1.2515 and bring another upmove.
