GBP/USD – 1.2916
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.2917
Kijun-Sen level : 1.2938
Ichimoku cloud top : 1.2930
Ichimoku cloud bottom : 1.2879
Original strategy :
Buy at 1.2880, Target: 1.2980, Stop: 1.2845
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2875, Target: 1.2975, Stop: 1.2840
Position : –
Target : –
Stop : –
Cable’s retreat after rising to 1.2979 yesterday suggests a temporary top has been formed there and consolidation with initial downside bias is seen for correction to 1.2873 support, however, renewed buying interest should emerge there and bring rebound later, above 1.2955-60 would signal the retreat from 1.2979 has ended, bring retest of this level, break there would extend recent rise from 1.2774 (last week’s low) to 1.3000, then towards previous resistance at 1.3032 which is likely to hold from here.
In view of this, we are looking to buy sterling on further pullback as support at 1.2873 should limit downside. Below 1.2850 would defer and signal first leg of upmove from 1.2774 has ended, risk weakness to 1.2830 but support at 1.2813 should remain intact, bring another rebound later.
