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Feb 03 - 08:36 AM

GBP/USD - On The Ropes As Reversal Signal Builds

By Peter Stoneham  —  Feb 03 - 05:55 AM
  • EUR/GBP rebound out of last week's 0.8388 low and we pull our 0.8450 offer

  • Potential bullish engulfing line today and for price to attack the cloud

  • Still need confirmation for the bull signal: cloud breach would do it

  • Will entertain a short at better levels but wary of a stronger reversal

  • Likewise cross bulls at risk to price stalling ahead of recent 0.8488 high

  • For now a battle is underway and we will stand aside









EUR/GBP Trader:

EUR/GBP Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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