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Dec 13 - 06:55 AM

GBP/USD - Bulls Need To Force A Break Above Key Fibo Supply

By Martin Miller  —  Dec 13 - 04:41 AM
  • GBP/USD made a decent recovery on Friday, but direction is in the balance

  • Bulls need to force a break and register a daily close above the 1.3320 Fibo

  • 1.3320 Fibo is a 23.6% retrace of the 1.3834 to 1.3162 (Oct to Dec) drop

  • That would put the overall bias back on the upside

  • For now fourteen-day momentum remains negative = bearish market structure

  • GBP/USD Trader TGM2338

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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