GBP/USD - 1.6153
New strategy :
Stand aside
Position: -
Target: -
Stop:-
Although the British pound dropped again after Friday’s decline and hit a low of 1.6115 this morning, as price has rebounded from there in London morning, suggesting consolidation would be seen and recovery to 1.6160-65 cannot be ruled out, however, above the Ichimoku cloud (now at 1.6184-6200) is needed to signal low is formed and bring a test of previous resistance at 1.6210, break there would confirm.
On the downside, below said support would extend recent decline from 1.6304 high for a stronger retracement of recent upmove to 1.6100, however, near term oversold condition should limit downside and support at 1.6082 should remain intact, bring another rebound later. In view of this, would not chase this decline here and we prefer to sell cable on subsequent rebound.
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