GBP/USD - 1.6025
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.6030
Kijun-Sen level :1.6032
Ichimoku cloud top :1.6083
Ichimoku cloud bottom :1.6065
Strategy :
Sell at 1.6095, Target: 1.5990, Stop: 1.6130
Despite Friday's selloff to 1.6002, the subsequent rebound after holding above previous support at 1.5988 suggests consolidation would be seen, however, if our view that top has been formed at 1.6131 last week is correct, upside should be limited to the upper Kumo (now at 1.6083) and resistance at 1.61280-31 should hold, bring another decline. A break of said support would extend the fall from 1.6131 top for retracement of recent rise towards previous support at 1.5988, however, reckon another support at 1.5962 would limit downside and price should stay above 1.5920-25 due to near term oversold condition, bring rebound later.
In view of this, we are looking to sell cable on recovery. Only above said resistance at 1.6128-31 would abort and signal recent upmove from 1.5828 is still in progress and extend gain to previous resistance at 1.6175-78 later.
IMOH, Clement I
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