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Aug 24 - 04:55 AM

GBP/USD - Correction Target Hit, Imposing Resistance Nearby

By Jeremy Boulton  —  Aug 24 - 02:54 AM
  • GBP/USD rebounds from oversold territory to fulfil need of tech correction

  • Cable dipped below 20-Day Bollingers and snapped back

  • Recovery has reached 1.3747 today which is 38.2% drop from July's peak

  • The criterion for a minimum tech correction has been met

  • Aug 18 peak was 1.3754, 50% drop from July peak is 1.3793

  • 200-DMA is 1.3796 and thickening falling daily cloud is 1.3797-1.3911

  • Mid 20-day Bollingers (neutral ground) is 1.3827

  • The chance of a sustained rise over 1.3800 is small



GBPUSD Click here

GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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