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Thomson Reuters
May 31 - 06:12 AM
GBP/USD - Close Either Side Of Key Fibo Crucial For Direction
First appeared on eFXplus on May 31 - 04:50 AM
  • GBP/USD has managed to register two daily closes below 1.2638 Fibo
  • 1.2638 Fibo is a 76.4% of the 1.3380 to 1.2409 (Refinitiv Matching) rise
  • That increases the odds of a much deeper decline in coming sessions
  • 14-day momentum negative, reinforcing underlying bearish market structure
  • Watch out of a daily close back 1.2638, however, that would be bullish
  • Despite GBP/USD's woes it may shine in June as usual

GBP/USD Trader:

Daily Fibo Chart: Click here

Source:
Thomson Reuters IFR Markets

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