GBP/USD - 1.5903
New strategy :
Stand aside
Position: -
Target: -
Stop:-
Cable’s retreat after intra-day brief rise to 1.5929 suggests consolidation would be seen and test of the Kijun-Sen (now at 1.5859) cannot be ruled out, however, as long as this line holds, upside risk remains for recent rise from 1.5234 to extend gain towards 1.5950, however, loss of near term upward momentum should prevent sharp move beyond there and upside should be limited to 1.5990-95 (50% Fibonacci retracement of 1.6747-1.5234), cable should falter well below 1.6012 (50% projection of 1.5321-1.5884 measuring from 1.5730), bring another strong pullback later.
In view of this, would not chase this move here and we prefer to stand aside in the meantime. Below the Kijun-Sen (now at 1.5859) would suggest top is possibly formed and risk test of the Ichimoku cloud (now at 1.5796-00) but break below there is needed to confirm.
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