GBP/USD - 1.6347
Sell at 1.6430, Target: 1.6330, Stop: 1.6465
Cable's reversal after yesterday's resumption of upmove to 1.6485 suggests a temporary top is possibly formed there and consolidation below this level would be seen with downside bias for weakness to the Ichimoku cloud top (now at 1.6312), however, break there is needed to add credence to this view, bring correction of recent upmove for weakness to the Ichimoku cloud bottom (now at 1.6297), then towards 1.6270 but reckon downside would be limited to 1.6250 and support at 1.6215 would remain intact.
In view of this, we are looking to sell cable on recovery. Only above said resistance at 1.6485 would extend recent upmove to psychological resistance at 1.6500, then 1.6525-30 but reckon upside would be limited to 1.6550-60, risk from there is seen for a strong pullback to take place later.
Sell at 1.6430, Target: 1.6330, Stop: 1.6465
Cable's reversal after yesterday's resumption of upmove to 1.6485 suggests a temporary top is possibly formed there and consolidation below this level would be seen with downside bias for weakness to the Ichimoku cloud top (now at 1.6312), however, break there is needed to add credence to this view, bring correction of recent upmove for weakness to the Ichimoku cloud bottom (now at 1.6297), then towards 1.6270 but reckon downside would be limited to 1.6250 and support at 1.6215 would remain intact.
In view of this, we are looking to sell cable on recovery. Only above said resistance at 1.6485 would extend recent upmove to psychological resistance at 1.6500, then 1.6525-30 but reckon upside would be limited to 1.6550-60, risk from there is seen for a strong pullback to take place later.
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