GBP/USD - 1.4383

Most recent candlesticks pattern : N/A Trend : Down

Tenkan-Sen level :1.4399 Kijun-Sen level :1.4446 Ichimoku cloud top :1.4809 Ichimoku cloud bottom :1.4680

Original strategy :

Sell at 1.4710, Target: 1.4610, Stop: 1.4760

New strategy :

Sell at 1.4470, Target: 1.4370, Stop: 1.4520

The British pound finally resumed recent decline as price broke below support at 1.4475 and tumbled to as low as 1.4249, however, as price then rebounded from there, suggesting minor consolidation would be seen and retracement to the Tenkan-Sen (now at 1.4399) and possibly the Kijun-Sen (now at 1.4446) is likely but renewed selling interest should emerge below resistance at 1.4475 (previous support) and bring another decline later. Break of 1.4300 would bring retest of said support and later towards 1.4200.

In view of this, we are still looking to sell sterling on further recovery. Above 1.4520 would risk retracement to 1.4583 (50% Fibonacci retracement of 1.4917 to 1.4249).