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Jan 23 - 11:55 AM

GBP/USD - Potential For A Reversal On A Weak Close

By Peter Stoneham  —  Jan 23 - 10:05 AM
  • New session low below 1.2350 and we lower our 1.2430 short stop to entry

  • Potential for a bearish engulfing candle as sterling slides to 1.2332

  • We target 1.2272 initially, the 10DMA line

  • Bullish divergence on 14-day momentum a concern

  • Daily RSI has turned over from high levels

  • Close under Friday's 1.2334 low sees our stop lowered again

  • Mon 1.2447 high now key resistance and potential squeeze point

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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