GBP/USD - 1.6031
Original strategy :
Sell at 1.6095, Target: 1.5990, Stop: 1.6130
Position: -
Target: -
Stop:-
New strategy :
Sell at 1.6095, Target: 1.5990, Stop: 1.6130
Position: -
Target: -
Stop:-
Cable's selloff yesterday after faltering below this week's high of 1.6131 signals top has been formed there and consolidation with downside bias is seen for retracement of recent rise to 1.6020, then 1.6005 (this week's low), however, reckon support at 1.5988 would limit downside and price should stay well above another previous support at 1.5962, rebound later.
In view of this, we are looking to turn short on recovery as the Ichimoku cloud bottom (now at 1.6096) should limit upside. 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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