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Jul 10 - 07:24 AM
GBP/USD - Proximity To Flash Crash Low Might Tempt Bidding
First appeared on eFXplus on Jul 10 - 05:00 AM
  • Pause in the downdraft and loss consolidation below 30DMA lower Bolli
  • Premature base call but proximity to flash crash 1.2409 might prompt bids
  • 14-day momentum still very much on trend but RSI now moving higher
  • Speed and magnitude of the two-week cable fall does warrant a pullback
  • 10DMA at 1.2570 provides a target and fade point
  • Initial Fibo retrace level off the 1.2784 to 1.2439 drop comes at 1.2520

GBP/USD Trader:

GBP/USD Daily Candle Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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