Candlesticks and Ichimoku Intraday | Jul 17 13 13:37 GMT
GBP/USD - 1.5250
Original strategy :
Buy at 1.5150, Target: 1.5250, Stop: 1.5115
New strategy :
Buy at 1.5175, Target: 1.5280, Stop: 1.5140
Cable's intra-day rally above last week's high of 1.5222 confirms recent upmove from 1.4814 low has resumed and further gain to 1.5280 (61.8% projection of 1.4814-1.5222 measuring from 1.5028) would be seen, however, near term overbought conditon should prevent sharp move beyond there and reckon previous resistance at 1.5305 would hold from here, risk from there is seen for a retreat later.
In view of this, we are looking to buy cable on pullback as the Kijun-Sen (now at 1.5163) should limit downside. Only below the Ichimoku cloud (now at 1.5088-90) would risk another test of intra-day support at 1.5079, break there would signal top is formed instead and risk weakness to 1.5045-50 but support at 1.5028 should contain downside.
IMOH, Clement I.
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