GBP/USD - 1.5460
Original strategy :
Sell at 1.5550, Target: 1.5450, Stop: 1.5585
New strategy :
Sell at 1.5550, Target: 1.5450, Stop: 1.5585
Cable’s recovery after intra-day marginal fall to 1.5426 suggests a minor low has been formed and above intra-day resistance at 1.5493 would bring retracement to the Ichimoku cloud bottom (now at 1.5528), however, renewed selling interest should emerge around the upper Kumo (now at 1.5551) and bring another decline. A break of said support would extend recent decline from 1.6300 top for further weakness to 1.5405/15 (61.8% projection of 1.6300 to 1.5485 measuring from 1.5911 and 61.8% projection of 1.5911 to 1.5531 measuring from 1.5647) but loss of downward momentum would limit downside to 1.5350 and risk from there has increased for a rebound later.
In view of this, we are still looking to sell cable on further recovery for such fall. Only above resistance at 1.5577 would risk retracement to 1.5600 and possibly to 1.5647 (previous resistance) before prospect of another decline.
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