Trade Idea: GBP/USD - Sell At 1.6520

GBP/USD - 1.6359
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.6323Kijun-Sen level : 1.6472Ichimoku cloud top : 1.6327Ichimoku cloud bottom : 1.6098
Original strategy
Sell at 1.6520, Target: 1.6315, Stop: 1.6585
New strategy
Sell at 1.6520, Target: 1.6315, Stop: 1.6585
As cable continued to find good support above yesterday's low at 1.6251, suggesting further consolidation would take place and recovery to the Kijun-Sen (now at 1.6472) cannot be ruled out, however, as top has been formed at 1.6694, reckon renewed selling interest should emerge around 1.6520/25 (approx. 61.8% Fibonacci retracement of the fall from 1.6694 to 1.6251) and bring another decline. Break of said support would extend weakness for a stronger correction of the rise from 1.5708 to 1.6201 (50% Fibonacci retracement of 1.5708 to 1.6694) but reckon support at 1.6121(previous resistance turned support) would remain intact.
In view of the above analysis, we are still looking to sell on further rise. Above 1.6585 would risk stronger rebound to 1.6635/40 but said resistance at 1.6694 should put a lid on sterling for the time being.