GBP/USD - 1.4313

Most recent candlesticks pattern : N/A Trend : Down

Tenkan-Sen level :1.4283 Kijun-Sen level :1.4379 Ichimoku cloud top :1.4446 Ichimoku cloud bottom :1.4426

Original strategy :

Sell at 1.4570, Target: 1.4470, Stop: 1.4620

New strategy :

Stand aside

The British pound finally resumed recent decline in tandem with euro and broke below support at 1.4249 this morning, however, as price has recovered from 1.4239, suggesting minor consolidation would be seen and rebound to the Kijun-Sen (now at 1.4379) cannot be ruled out but the Ichimoku cloud bottom (now at 1.4426) should attract renewed selling interest and bring another decline later.

Below said support would extend weakness to 1.4180/85, however, loss of downward momentum would prevent sharp fall below 1.4124 (50% projection of 1.5046 to 1.4249 measuring from 1.4522) and bring rebound later.

Would not chase this move here and we prefer to stand aside in the meantime.