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Aug 02 - 05:55 AM

GBP/USD - Bulls Try To Tighten Grip, Inhibited By Thick Cloud

By Martin Miller  —  Aug 02 - 03:50 AM
  • GBP/USD recovery closed above 1.2214 Fibo, reducing the likelihood of a top

  • The 1.2214 Fibo is a 50% retrace of the 1.2666 to 1.1761 (June to July) drop

  • 14-day momentum remains positive, yet another bullish sign

  • However daily cloud continues to inhibit bulls, spans 1.2262-1.2512 region

  • Bulls need a break and daily close above 1.2320 Fibo, 61.8% of the same drop

  • GBP/USD Trader TGM2338. Previous update nL1N2ZD0GO

Source:
Refinitiv IFR Research/Market Commentary

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