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May 04 - 04:55 AM

GBP/USD - Big Sell Trigger Calling; Trend Resumption Risk

By Peter Stoneham  —  May 04 - 02:35 AM
  • Our long play is in trouble as bearish pattern takes hold

  • Loss consolidation forming a trend continuation pattern

  • Pattern breakdown point close to market at 1.2465

  • Daily RSI is still reading below 30 and argues for a rebound

  • However, 14-day negative momentum has been increasing

  • The big downside trigger point is at 1.2412, Apr 28 low

    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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