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Sep 29 - 04:55 AM

GBP/USD - Monday Bull Breakout Too Far Too Fast

By Peter Stoneham  —  Sep 29 - 02:40 AM
  • Bull bias holding following the upside breakout from consolidation

  • Monday gains possibly over reaching: a steadier start Tuesday

  • Daily cloud base, 1.2759, and converged 200-100DMAs, 1.2720-44, key support

  • Mon 1.2930 high initial hurdle with main bull trigger at 1.3051 cloud top

  • 14-day negative momentum has faded and approaches neutral levels

  • Buying dips to 200HMA, 1.2825, a strategy for a 1.30 break

  • We lean bullish but prefer to wait for clearer signals














GBP/USD Trader:

GBP/USD daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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