Trade Idea: GBP/USD - Sell at 1.6520

GBP/USD - 1.6373
Most recent candlesticks pattern : N/ATrend : Sideways
Tenkan-Sen level : 1.6467Kijun-Sen level : 1.6472Ichimoku cloud top : 1.6263Ichimoku cloud bottom : 1.6077
Original strategy :
Sell at 1.6470, Target: 1.6250, Stop: 1.6530
New strategy :
Sell at 1.6520, Target: 1.6315, Stop: 1.6585
As cable has rebounded after intra-day fall to 1.6251, suggesting the first leg of decline from 1.6694 has ended there and consolidation would take place with mild upside bias for recovery towards 1.6472-87 (current level of the Kijun-Sen and previous support turned resistance). 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.