GBP/USD – 1.2827
Original strategy :
Buy at 1.2720, Target: 1.2850, Stop: 1.2685
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2720, Target: 1.2850, Stop: 1.2685
Position : –
Target : –
Stop : –
Yesterday’s rally from 1.2515 to 1.2906 signals recent upmove from 1.1986 low is still in progress and although price has eased from 1.2906 reckon downside would be limited to 1.2750 and 1.2700-10 should hold, bring another rise later, above said resistance at 1.2906 would extend recent rise to 1.2920-30 (2 times extension of 1.2365-1.2575 measuring from 1.2500), then 1.2950 but loss of near term upward momentum should prevent sharp move beyond 1.2990-00 (1.236 times projection of 1.2109-1.2616 measuring from 1.2365 and psychological resistance), 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 price should stay above 1.2700-10, bring another rise later. Below 1.2690-00 would defer and risk correction to 1.2660 but price should stay well above 1.2608-16 (previous resistance now support), bring another upmove.
