Commerce Concept Wrap-up: GBP/USD - Purchase at 1.3170 or promote at 1.3275
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Commerce Concept Wrap-up: GBP/USD - Purchase at 1.3170 or promote at 1.3275
GBP/USD – 1.3187
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.3182
Kijun-Sen level : 1.3183
Ichimoku cloud top : 1.3264
Ichimoku cloud bottom : 1.3259
Original strategy :
Sell at 1.3265, Target: 1.3155, Stop: 1.3300
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.3275, Target: 1.3155, Stop: 1.3310
O.C.O.
Buy at 1.3170, Target: 1.3270, Stop: 1.3135
Position : –
Target : –
Stop : –
As cable has rebounded after intra-day brief fall to 1.3138, suggesting consolidation above this level would be seen and test of 1.3225-30 cannot be ruled out, break there would bring a stronger rebound to 1.3250 and then towards 1.3270 but price should falter below 1.3300, bring another decline later.
In view of this, whilst we are still looking to sell cable on subsequent rebound, we would also buy sterling on dips. Below said support at 1.3138 would signal the fall from 1.3445 top is still in progress and extend weakness to 1.3100 but reckon downside would be limited to 1.3087 (61.8% Fibonacci retracement of 1.2866-1.3445).
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