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Sep 04 - 03:48 AM
GBP/USD - It Looks Like A GBP/USD Bear Trap, 21-DMA Should Decide
First appeared on eFXplus on Sep 04 - 02:20 AM
  • Yesterday's 1.1959 low sucked in fresh shorts
  • Successful step towards blocking a no-deal Brexit then turns pound
  • Traders who are short should respect 21-DMA @ 1.2144
  • 50% drop from August's peak at 1.2310 is 1.2135, 61.8% is 1.2176
  • Rise to August peak followed last break and close over 21-DMA
  • Traders undoubtedly shorter now, greater risk of a squeeze

GBP/USD chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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