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Aug 29 - 05:00 AM
GBP/USD - Damage To S/t Bull Trend But Plenty Of Support Points
First appeared on eFXplus on Aug 29 - 03:10 AM
  • Speed-magnitude of Wed sell-off brought adj. into close and hammer candle
  • Support is at 1.2153, 21DMA, then 1.2128 61.8% Fibo off1.2015-1.2310
  • Below these levels and 1.2065 Aug 20 low becomes the key support point
  • Wed damage to the underlying s/t bull trend but supply fade already noted
  • Bulls watching 10DMA, which is poised to cross above 30DMA, bullish signal
  • Our 1.2270 short on-side, stop lowered to 1.2320 with 1.2020 objective

GBP/USD Trader:

GBP/USD Daily Candle Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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