GBP/USD - 1.4462

Original strategy :

Sell at 1.4490, Target: 1.4390, Stop: 1.4540

New strategy :

Sell at 1.4570, Target: 1.4470, Stop: 1.4620

Although cable retreated after intra-day rise to 1.4522, as cable found support right at the Ichimoku cloud bottom and has rebounded from 1.4413, suggesting near term upside risk remains for one more corrective rise, however, the upper Kumo (now at 1.4585) should cap upside and bring another retreat later. Break of the Ichimoku cloud bottom (now at 1.4398) would suggest intra-day top is in place, then weakness to 1.4364 would follow, however, break of this support is needed to confirm the rebound from 1.4249 is over, then further fall towards 1.4300 would be seen later.

In view of this, whilst we are still looking to sell sterling again on recovery, we have raised our entry level. A breach of 1.4620 would bring retracement of recent decline to resistance at 1.4640 first.