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Mar 08 - 02:55 AM

GBP/USD FX Traders' Indecision Might Save Sterling

By Peter Stoneham  —  Mar 08 - 02:00 AM
  • Battle of daily candle shadows as long upper-lower wicks hint at indecision

  • Indecision might actually help save GBP if supply has faded sufficiently

  • However, bears have the advantage while price is below 1.3958 10DMA line

  • Confirmation last wk of previous wk's inverted hammer a strong bear signal

  • Close below 10WMA this week to strengthen the trend reversal argument

  • Key tipping pt, 1.3566 Feb 5 low: minimum correction of 1.1413-1.4240 below

  • 23.6% Fibonacci of that moves comes in at 1.3573: 1.3160 is 38.2% retrace

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GBP/USD Trader:

GBP/USD weekly candle chart: Click here

GBP/USD daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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