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Thomson Reuters
Jun 03 - 07:24 AM
GBP/USD - Hammer Blow To Bears But Damage Limitation Underway
First appeared on eFXplus on Jun 03 - 05:10 AM
  • GBP slide arrested at 1.2560 Friday and a hammer candle (bullish) close
  • 10DMA containing Monday gains and weakening chances of hammer confirmation
  • Bear momentum is fading and RSI turning higher but only adjustments likely
  • Underlying bear trend only damaged above 1.2754 high from May 27
  • Would look to fade 1.2650, 50% Fibo off 1.2754-1.2560 drop
  • Looking for sub-1.2500 with a stop above the 1.2754 level for

GBP/USD Trader:

GBP/USD Daily Candle Chart: Click here

Source:
Thomson Reuters IFR Markets

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