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Aug 24 - 11:55 AM

GBP/USD - Risks For GBP/USD Are Turning Back To The Downside

By Jeremy Boulton  —  Aug 24 - 10:25 AM
  • GBP/USD softer after meeting min correction target of prior decline

  • Recovery has reached 1.3747 today which is 38.2% drop from July's peak

  • The criterion for a minimum tech correction has been met

  • Today's range unfolding lower and reaching 1.3694

  • GBP/USD was previously stretched below 20-day Bollinger bands

  • Lower 20-day bands are moving down quite steeply, now 1.3641-1.3826

  • Aug 18 peak was 1.3754, 50% drop from July peak is 1.3793

  • 200-DMA is 1.3796 and thickening falling daily cloud is 1.3797-1.3911

  • Lots of resistance above, 55-WMA is key below nL1N2PU0DT


GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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