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Aug 31 - 01:55 PM

GBP/USD - The Cloud Aids Shorts But They Should Be Concerned

By Christopher Romano  —  Aug 31 - 11:45 AM
  • GBP/USD rallied above the daily cloud base then turned lower on the session

  • Pair fell below the 10-DMA and traded down -0.40% into Europe's close

  • Daily RSI turned lower which implies short-term downward momentum

  • Despite those signals GBP/USD shorts have some things to worry about

  • Daily cloud is thinning & the base will begin rising soon; may attract price

  • Daily chart also shows right shoulder of an inverse head & shoulders forming

  • GBP/USD shorts likely need below 1.2540/50 to feel more confident

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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