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Refinitiv
Dec 16 - 05:55 AM

GBP/USD - Chart Points To A Upside Rejection, Expect A Large Drop

By Martin Miller  —  Dec 16 - 04:15 AM
  • Failed to register weekly closes above the 1.2289 Fibo, two weeks in a row

  • 1.2289 Fibo is a 50% retrace of the 1.4250 to 1.0327 (2021 to 2022) fall

  • On course to fail this week also, leave a upper shadow on this week's candle

  • That would signal an upside rejection, likely lead to a big drop into 2023

  • Interim supply comes in at the daily tenkan line, currently at 1.2277

  • GBP/USD Trader TGM2338

Source:
Refinitiv IFR Research/Market Commentary

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