GBP/USD – 1.3146
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3134
Kijun-Sen level : 1.3110
Ichimoku cloud top : 1.3195
Ichimoku cloud bottom : 1.3167
Original strategy :
Sell at 1.3180, Target: 1.3080, Stop: 1.3215
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3225, Target: 1.3125, Stop: 1.3260
Position : –
Target : –
Stop : –
As cable found support at 1.3070 on Friday and has rebounded, suggesting consolidation above this level would be seen and corrective bounce to 1.3175-80, then 1.3200 cannot be ruled out, however, still reckon upside would be limited to 1.3220-25 and bring another decline later, below 1.3100 would bring test of said support at 1.3070, break there would extend the erratic decline from 1.3338 to 1.3050, then towards recent low at 1.3027.
In view of this, we are looking to sell cable on further subsequent recovery as 1.3220-25 should limit upside. Above 1.3250 would dampen this bearish view and prolong consolidation, risk rebound to resistance at 1.3279-87 first.
