GBP/USD – 1.2900

Most recent candlesticks pattern   : N/A

Trend                                 : Near term down

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Tenkan-Sen level                 : 1.2870

Kijun-Sen level                    : 1.2876

Ichimoku cloud top              : 1.2829

Ichimoku cloud bottom        : 1.2827

Original strategy :

Sold at 1.2910, stopped profit at 1.2900

Position : – Short at 1.2910

Target :  –

Stop : – 1.2900

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

As cable found renewed buying interest at 1.2830 and has rebounded again, suggesting low has been formed at 1.2769 earlier this week, hence consolidation with upside bias is seen for test of 1.2921-26 (resistance and previous support), break there would add credence to this view, bring further gain to 1.2940-45 (61.8% Fibonacci retracement of 1.3048-1.2769) and later towards 1.2970 but near term overbought condition should cap upside below 1.3000.

On the downside, below 1.2865-70 would bring test of said support at 1.2830 but break there is needed to revive bearishness for weakness to 1.2800, then towards said this week’s low at 1.2769 which is likely to hold from here. As near term outlook is mixed, would be prudent to stand aside for now.

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