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Mar 17 - 03:48 AM

GBP/USD - Oversold But A Deep Hole To Climb Out Of

By Peter Stoneham  —  Mar 17 - 02:55 AM
  • After a steep four-day slide a Monday recovery-correction proved brief

  • Sterling in trouble as the threat of a global lockdown weighs heavy

  • Technically, still over sold and in need of a large adjustment

  • Move back inside 1.2411-1.3298 Bolli envelope would ease o/s conditions

  • However, Mon's long upper candle shadow extremely bearish

  • Risk of rebounds but likely brief: we won't fight this trend just yet







GBP/USD Trader:

GBP/USD Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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