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Nov 02 - 08:55 AM

GBP/USD - FX Traders Eye Major Fibo Tipping Point

By Peter Stoneham  —  Nov 02 - 06:36 AM
  • Sterling weakness extends and now threatens to drop below key Fibo

  • 50% retrace of 1.3412 to 1.3834 climb is at 1.3623, 1.2629 the low so far

  • Fibo break opens up Oct 12 1.3568 low and potentially the 1.3412 2021 low

  • 14-day momentum reflecting recent slide, negative first time since Oct 13

  • We lean bearish but wary of adjustments after sharp 3-day drop from 1.3803

  • Little major support on the weeklies until the 1.3412 low

For more click on FXBUZ

















GBP/USD Trader:

GBP/USD daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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