Commerce Concept Wrap-up: GBP/USD - Promote at 1.5005

GBP/USD – 1.4907

Most recent candlesticks pattern   : N/A

Trend                                 : Down

Tenkan-Sen level                 : 1.4954

Kijun-Sen level                    : 1.4999

Ichimoku cloud top              : 1.5087

Ichimoku cloud bottom        : 1.5054

Original strategy :

Sell at 1.5005, Target: 1.4895, Stop: 1.5040

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.5005, Target: 1.4895, Stop: 1.5040

Position : –

Target :  –

Stop : –

The British pound ran into heavy selling interest at 1.5099 yesterday and has fallen again (just missed our short entry at 1.5105), the breach of indicated support at 1.4957 adds credence to our view that rebound from 1.4895 low has ended at 1.5240 and bearishness remains for further weakness towards this level, however, break there is needed to confirm early decline has resumed for weakness to 1.4850-60 later.

In view of this, we are still looking to cable on recovery but at a lower level as intra-day resistance at 1.5009 should limit upside. Above 1.5050 would risk rebound to 1.5075-80 but price should falter below said overnight resistance at 1.5099 and bring another decline.

Commerce Concept Wrap-up: GBP/USD - Promote at 1.5005