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

GBP/USD – 1.4688

Most recent candlesticks pattern   : N/A

Trend                                 : Down

Tenkan-Sen level                 : 1.4749

Kijun-Sen level                    : 1.4749

Ichimoku cloud top              : 1.4787

Ichimoku cloud bottom        : 1.4784

Original strategy :

Bought at 1.4740, stopped at 1.4730

Position : – Long at 1.4740

Target :  –

Stop : – 1.4730

New strategy  :

Stand aside

Position : –

Target :  – 

Stop : –

The British pound reversed intra-day rebound and dropped from 1.4816, current break of 1.4693 suggests recent decline is still in progress and may extend weakness to 1.4750, then 1.4620-25, however, near term oversold condition should prevent sharp fall below 1.4600, risk from there has increased for a rebound to take place later.

In view of this, would not chase this fall here and would be prudent to stand aside. Above 1.4700 would bring test of the Kijun-Sen (now at 1.4740) would suggest an intra-day low is possibly formed, bring rebound to the Ichimoku cloud (now at 1.4784-87) but reckon said resistance at 1.4816 would remain intact, bring another decline.

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