Sterling moved relatively steady against the greenback today, after at the weekend (Friday 6 April) posted a 0.61% rise following US employment reports showing mixed results (NFP data and unemployment numbers missed from forecast, Wage data rose as expected).
Price action or price action on the H1 time frame shows a warning against a possible correction after Evening Star formation. But given that the price is still moving above Kijun-sen Daily (now at 1.3998) and above Cloud Ichimoku H1, then the buy on dips scenario or looking for a buy position when the pullback price may be more prioritized.
Buy position in the area of 1.3058 (Kijun-sen H1) - 1.4041 (Kijun-sen H4), requires SL below 1.4020. We recommend step-aside (from the buy position) if the price action shows further downtrend testing the breakout below 1.3998.
GBP/USD is currently up 0.09% consolidating in the range of 1.4101.
Caption: Kijun-sen H1 = Blue, Kijun-sen H4 = Green, Kijun-sen Daily = Yellow
Intraday technical level:
- Resistance: 1.4144/50,1.4191/1.4200,1.4222/42
- Support: 1.4058/41,1.4020/1.3998,1.3964/50
Good luck .. and trade safe!
Breakout above 1.4117 to test its nearest resistance, by itself breaking the Evening Star and buy on dips scenario. I decided to delete pending order buy limit.