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May 10 - 06:55 AM

GBP/USD - Loss Consolidation Only, Pound Still Vulnerable

By Peter Stoneham  —  May 10 - 05:00 AM
  • New 23-month low for sterling Monday, 1.2262, but small rebound into close

  • Resulting Doji candle (tight open-close) smacked of market indecision

  • Early Tues and price trying to lift

  • Initial resistance at Monday's 1.2405 high

  • Loss consolidation and potential bearish continuation threatens the pound

  • Minimum correction off the 1.3147-1.2262 drop is at 1.2471

For more click on FXBUZ
















GBP/USD Trader:

GBP/USD daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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