GBP/USD - 1.4892

Most recent candlesticks pattern  : N/ATrend                                          : Down

Tenkan-Sen level                         :1.4835Kijun-Sen level                            :1.4695Ichimoku cloud top                     :1.4943Ichimoku cloud bottom                :1.4877

New strategy    : 

Sell at 1.4945, Target: 1.4865, Stop: 1.4995

Although cable has eased after intra-day rise to 1.4907, reckon the Tenkan-Sen would contain pullback and extend near term rise from 1.4475 low for marginal gain towards 1.4937-43 (previous resistance and current level of the Ichimoku cloud top), however, renewed selling interest should emerge there and bring decline later. A sustained breach below the Tenkan-Sen would suggest top has possibly been formed and extend weakness to 1.4760/65 but the Kijun-Sen (now at 1.4695) should hold.

In view of the above analysis, we prefer to sell cable on next upmove. Only above 1.4974 (61.8% Fibonacci retracement of 1.5283 to 1.4475) would risk stronger correction to 1.5000.