GBP/USD – 1.3561

Most recent candlesticks pattern   : N/A

Trend                                 : Up

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Tenkan-Sen level                 : 1.3520

Kijun-Sen level                    : 1.3555

Ichimoku cloud top              : 1.3550

Ichimoku cloud bottom        : 1.3537

Original strategy :

Sell at 1.3595, Target: 1.3480, Stop: 1.3630

Position : –

Target :  –

Stop : –

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Current cross-inspired rebound suggests near term upside risk remains for the bounce from 1.3452 (yesterday’s low) to extend gain to 1.3590-00, still reckon upside would be limited to 1.3630-35 and resistance at 1.3658 would hold from here, bring retreat later. Only a break above said resistance at 1.3658 would signal recent upmove has resumed and extend gain to 1.3690-00 later.

In view of this, would not chase this rise here and stand aside for now. Below the Tenkan-Sen (now at 1.3520) would bring weakness to 1.3500 but only break of 1.3470-75 would revive near term bearishness and bring test of yesterday’s low at 1.3452, below there would confirm temporary top has been formed at 1.3658, bring retracement of recent rise towards 1.3400-05 (50% Fibonacci retracement of 1.3153-1.3658). 

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