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Refinitiv
Jul 11 - 03:55 AM

GBP/USD - Minimum Correction Met And Now Heading Lower Again

By Peter Stoneham  —  Jul 11 - 02:55 AM
  • Two-day bullish adjustment looks to have run course; minimum correction met

  • The 23.6% Fibo was at 1.2002 from 1.2405-1.1877 drop: next at 1.2079-1.2141

  • Friday's long lower candle shadow set to be negated

  • Initial support at the candle low, 1.1920 then Thurs 1.1912 low point

  • Increased negative 14-day momentum confirming latest drop

  • The 10DMA beginning to track price lower, currently at 1.2060

  • We lean bearish but look for stronger signals before taking on a trade

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Source:
Refinitiv IFR Research/Market Commentary

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