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May 01 - 02:55 AM

GBP/USD - Minimum Correction Met As Risk Flips To The Downside

By Peter Stoneham  —  May 01 - 01:30 AM
  • Just missed out on forming a bearish engulfing line Tues

  • However, sterling risk has flipped to the downside

  • Minimum correction off 1.2299-1.2569 climb met at 1.2505, 1.2473 Wed low

  • Next Fibo level at 1.2466 with 1.2449, Apr. 25 low behind

  • Daily momentum readings have been negative since Mar. 22

  • Daily RSI is now confirming the price drop

  • We look for an opportunity to get short

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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