GBP/USD – 1.2357
Original strategy :
Buy at 1.2200, Target: 1.2310, Stop: 1.2165
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 1.2300, Target: 1.2400, Stop: 1.2265
Position : –
Target :Â –
Stop : –
As cable rallied again after finding renewed buying interest at 1.2241, adding credence to our view that the rise from 1.2109 low is still in progress for retracement of recent decline, hence further gain to previous support at 1.2384 would be seen, however, near term overbought condition should prevent sharp move beyond 1.2410-15 and price should falter well below resistance at 1.2471, bring retreat later.
In view of this, we are looking to buy cable on pullback but at a higher level as 1.2300-10 should limit downside and bring another rise. Below 1.2265-70 would suggest top is possibly formed, risk test of said support at 1.2241 which is likely to hold on first testing.
