Trade Idea Update: GBP/USD - Sell at 1.3055

GBP/USD - 1.3003

Original strategy:

Sell at 1.3110, Target: 1.3010, Stop: 1.3145

Position: -

Target:  -

Stop: -

New strategy:

Sell at 1.3055, Target: 1.2955, Stop: 1.3090

Position: -

Target: -

Stop: -

As cable has fallen again after faltering below resistance at 1.3059, suggesting recent decline from 1.3269 top has resumed and may extend further weakness to 1.2986 (61.8% Fibonacci retracement of 1.2812-1.3269) and possibly 1.2955-60, however, near term oversold condition should precinct sharp fall below previous chart support at 1.2933 and bring rebound later. 

In view of this, would not chase this fall here and we are looking to sell cable on recovery as said resistance at 1.3059 should limit upside and bring another decline. Above 1.3090 would risk test of previous support at 1.3112 but only break there would signal low is formed instead.