GBP/USD - 1.4457

Most recent candlesticks pattern : N/A Trend : Down

Tenkan-Sen level :1.4450 Kijun-Sen level :1.4406 Ichimoku cloud top :1.4585 Ichimoku cloud bottom :1.4427

Original strategy :

Sold at 1.4505, met target at 1.4405

New strategy :

Stand aside

Although the British pound met renewed selling interest at 1.4509 yesterday as suggested (we sold cable on such rebound at 1.4505) and retreated to indicated downside target at 1.4405, as price has found support at 1.4364 and staged an overnight rebound, suggesting further choppy consolidation is in store within 1.4364-1.4509 range. Above said resistance would bring retracement of recent decline to 1.4550 and possibly towards 1.4583-85 (50% Fibonacci retracement of 1.4917 to 1.4249 and current level of the Ichimoku top but resistance at 1.4640 should cap upside.

On the downside, break of 1.4406-07 (current level of the Kijun-Sen and intra-day support) would bring test of 1.4364 but below latter level is needed to revive bearishness and signal correction from 1.4249 has possibly ended, then weakness to 1.4300/10 would follow.

As near term outlook has turned mixed, stand aside for now.