GBP/USD – 1.3383
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3397
Kijun-Sen level : 1.3426
Ichimoku cloud top : 1.3454
Ichimoku cloud bottom : 1.3421
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As cable’s retreat from 1.3521 has kept sterling under pressure, suggesting near term downside risk remains for weakness to 1.3345-50, however, as outlook remains consolidative, reckon support at 1.3320 would limit downside and bring further choppy trading. Only a drop below this level would revive bearishness and signal top has been formed at 1.3550 earlier, bring retracement of recent rise to 1.3290-00 first.
On the upside, expect recovery to be limited to 1.3430-35 and the upper Kumo (now at 1.3454) should hold, bring another decline later. Above the upper Kumo would bring a stronger rebound to 1.3490-95 but still reckon resistance at 1.3521 would hold from here, bring retreat later. As near term outlook is mixed, would be prudent to stand aside for now.
