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Aug 13 - 03:55 AM

GBP/USD - Cloud Rejection Sets The Bearish Course

By Peter Stoneham  —  Aug 13 - 02:04 AM
  • Bull trend cloud rejection, 1.3983, on Jul 29 severely damaging for GBP

  • Price contained and tracked by the cloud, culminating in 1.3794 Aug 12 low

  • The fall has slowed ahead of the 200DMA, 1.3777, but risk remains bearish

  • 200DMA and a key 50% Fibo, 1.3778, the critical supports for next week

  • Weeklies looking ugly for the pound too as a w/e Jul 23 hammer negated

  • Tight range trade today could force some short covering: better fade levels

    For more click on FXBUZ
















GBP/USD Trader:

GBP/USD daily Ichimoku chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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