Commerce Concept Wrap-up: GBP/USD - Promote at 1.5105

GBP/USD – 1.5051

Most recent candlesticks pattern   : N/A

Trend                                 : Near term up

Tenkan-Sen level                 : 1.5109

Kijun-Sen level                    : 1.5110

Ichimoku cloud top              : 1.514

Ichimoku cloud bottom        : 1.5164

Original strategy :

Sell at 1.5200, Target: 1.5100, Stop: 1.5235

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.5105, Target: 1.5005, Stop: 1.5140

Position : –

Target :  –

Stop : –

Cable met renewed selling interest at 1.5186 earlier today and has dropped quite sharply below support at 1.5108, adding credence to our view that top has been formed at 1.5240, bring at least a strong retracement of the rise from 1.4895 to 1.5000-10, however, reckon key support at 1.4957 would hold form here, bring rebound later.

In view of this, we are still looking to cable on recovery but at a lower level as previous support at 1.5108 would turn into resistance and limit upside. Above 1.5130-35 would defer and risk rebound to 1.5160-65 but said resistance at 1.5186 should limit upside, price should falter below 1.5200-05, bring another decline.

Commerce Concept Wrap-up: GBP/USD - Promote at 1.5105