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Thomson Reuters
May 29 - 06:12 AM
GBP/USD - A GBP/USD Close Below A Key Fibo Needed To Weaken Further
First appeared on eFXplus on May 29 - 04:20 AM
  • GBP/USD's recovery from the recent 1.2605 low was stymied by the 1.2788 Fibo
  • 1.2788 Fibo is a 23.6% retrace of 1.3380 to 1.2605 (Refinitiv Matching) drop
  • Fourteen day momentum remains negative, reinforcing bearish market structure
  • But a daily close below 1.2638 Fibo needed to dampen the outlook further
  • 1.2638 Fibo is a 76.4% retrace of the 1.2409 to 1.3380 rise
  • For now outlook is mixed. GBP/USD's recovery halted by key Fibo

GBP/USD Trader:

Daily Fibo Chart: Click here

Source:
Thomson Reuters IFR Markets

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