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Jul 28 - 08:55 AM

GBP/USD - Bulls Overcome One Fibo, Bears Need The Next One To Hold

By Martin Miller  —  Jul 28 - 06:50 AM
  • GBP/USD closed above the 1.2107 Fibo, increasing odds of further gains

  • 1.2107 Fibo is a 38.2% retrace of the 1.2666 to 1.1761 (June to July) drop

  • 14-day momentum turned positive on Monday, highlighting the shift in focus

  • Those who are bearish will hope that 1.2214 Fibo supply holds, however

  • 1.2214 Fibo is a 50% retrace of the same 1.2666-1.1761 drop

  • GBP/USD Trader TGM2338. Previous update nL1N2Z80H5

Source:
Refinitiv IFR Research/Market Commentary

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