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Oct 29 - 07:24 AM
GBP/USD - Failure Below A Key Fibo Adds To The Upside Bias
First appeared on eFXplus on Oct 29 - 05:10 AM
  • Recent failure below the 1.2819 Fibo keeps the overall bias on the upside

  • 1.2819 Fibo is a 23.6% retrace of the 1.2196 to 1.3012 Oct rise

  • Bullish outlook until there is a daily close below the 1.2819 Fibo

  • There remains potential for a bullish cycle through the Oct 1.3012 peak

  • Last Thursday's 1.2790 low underpins and could continue to stem losses

  • GBP/USD's failure to close under Fibo means 1.3012 test likely nL2N27D02M

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Source:
Refinitiv IFR Research/Market Commentary

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