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Sep 12 - 03:48 AM
GBP/USD - FX Traders Should Be Wary Of Key Support Breach
First appeared on eFXplus on Sep 12 - 02:25 AM
  • Initial support at 55DMA, 1.2311, and cloud base 1.2284 key for Thurs
  • Tentative short at market as price struggles to overcome the cloud top
  • High risk trade while price remains inside the cloud
  • We target the 50% Fibo taken off the 1.1959-1.2385 climb, 1.2156
  • Stop set tight and just above 1.2385 Sept 9 high
  • Daily stochs turned over from o/b and momentum poised to flip negative
  • Note, Wed bearish engulfing candle, needs Thurs confirmation

GBP/USD Trader:

GBP/USD Daily Candle Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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