GBP/USD - 1.6198
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level :1.6188
Kijun-Sen level :1.6188
Ichimoku cloud top :1.6218
Ichimoku cloud bottom :1.6202
Original strategy :
Buy at 1.6110, Target: 1.6230, Stop: 1.6075
Position: -
Target: -
Stop:-
New strategy :
Buy at 1.6110, Target: 1.6230, Stop: 1.6075
Position: -
Target: -
Stop:-
Although cable’s recovered after marginal fall to 1.6159, as long as resistance at 1.6248 holds, near term downside risk remains for the fall from 1.6304 to bring a deeper retracement of recent upmove to previous support at 1.6153, however, near term oversold condition should limit downside to 1.6100-10 and support at 1.6082 should hold and bring another rebound later. A break of indicated resistance at 1.6248 would suggest low is possibly formed and bring rebound to 1.6280/85, break there would signal the correction from 1.6304 temporary top has ended and bring a retest of this level.
In view of this, we are still looking to buy cable on next decline. Only a firm breach below previous support 1.6076 would abort and risk weakness to 1.6050-55 before prospect of another rebound later.
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