GBP/USD – 1.2905
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2925
Kijun-Sen level : 1.2931
Ichimoku cloud top : 1.2976
Ichimoku cloud bottom : 1.2956
Original strategy :
Buy at 1.2865, Target: 1.3000, Stop: 1.2830
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2865, Target: 1.3000, Stop: 1.2830
Position : –
Target : –
Stop : –
Although the British pound has remained under near term downward pressure and initial downside risk remains for the corrective fall from 1.3030 (last week’s high) to bring retracement of recent upmove to 1.2880-85 (38.2% Fibonacci retracement of 1.2640-1.3030), reckon downside would be limited to 1.2865-70 and bring another upmove later, above 1.2960 would signal low is formed, bring rebound to 1.3000 but break of said resistance at 1.3030 is needed to signal recent upmove has resumed and extend further gain towards recent high 1.3048.
In view of this, we are looking to buy cable again on further corrective fall as previous resistance at 1.2861 should turn into support and contain downside, bring another rise. Below 1.2830-35 (50% Fibonacci retracement of 1.2640-1.3030) would abort and signal top is formed, bring further fall towards support at 1.2794.
