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Jul 26 - 04:55 AM

GBP/USD - Bears Should Be Mindful Momentum Has Turned Positive

By Martin Miller  —  Jul 26 - 03:20 AM
  • GBP/USD continues to trade under the 1.2107 Fibonacci level

  • 1.2107 Fibo is a 38.2% retrace of the 1.2666 to 1.1761 (June to July) drop

  • Be mindful, however, 14-day momentum turned positive on Monday = bullish

  • A daily close above the 1.2107 Fibo will shift n-term bias to the upside

  • Those bearish will hope the recovery attempts run out steam ahead of 1.2107

  • GBP/USD Trader TGM2338. Previous update nL1N2Z60L5

Source:
Refinitiv IFR Research/Market Commentary

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