Commerce Concept Wrap-up: GBP/USD - Stand apart

GBP/USD – 1.4878

Most recent candlesticks pattern   : N/A

Trend                                 : Down

Tenkan-Sen level                 : 1.4866

Kijun-Sen level                    : 1.4853

Ichimoku cloud top              : 1.4898

Ichimoku cloud bottom        : 1.4888

Original strategy :

Sell at 1.5005, Target: 1.4895, Stop: 1.5040

O.C.O.

Buy at 1.4785, Target: 1.4900, Stop: 1.4750

Position : –

Target :  –

Stop : –

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Remark: Due to X’mas holidays, update will resume on Monday 28 Dec 2015.

Although cable has rebounded after falling to 1.4805 yesterday, break of 1.4908-10 is needed to signal temporary low has been formed there and bring retracement of recent decline to resistance at 1.4940-50, however, still reckon previous resistance at 1.5009 would limit upside and bring another decline later. Below 1.4830-35 would bring retest of 1.4805 but loss of momentum should limit downside to 1.4785-90 (50% projection of 1.5186-1.4865 measuring from 1.4950) and reckon 1.4750 would hold, bring rebound later.

In view of this, would be prudent to stand aside in the meantime. Below 1.4750 would risk weakness to 1.4720-25 but still expect 1.4700 would contain downside. A firm break above said resistance at 1.5009 would signal low is formed instead, risk rebound to 1.5030 and then 1.5050.

Commerce Concept Wrap-up: GBP/USD - Stand apart