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Thomson Reuters
Aug 03 - 06:12 AM
GBP/USD - Key GBP/USD Fibo Exposed After Thursday's Large One-Day Drop
First appeared on eFXplus on Aug 03 - 03:50 AM
  • Chance of a near-term recovery diminishing as underlying downtrend resumes
  • Outlook fragile after Thursday's 106 pip one-day fall, biggest since July 17
  • Fourteen-day momentum still negative, scope for losses to a key Fibo level
  • 1.2934 Fibo, a 50% retrace of the 1.1491 to 1.4377 rise, now exposed
  • We will get short on the outside chance that we see a 1.3105 print
  • Our 1.3105 offer is near where the 10-DMA currently resides

GBP/USD Trader:

EUR/GBP Trader:

Weekly Fibo Chart: Click here

Source:
Thomson Reuters IFR Markets

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