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Feb 12 - 06:55 AM

GBP/USD - Fourth GBP/USD Close Above A Fibo Would Bode Well For Next Week

By Martin Miller  —  Feb 12 - 04:53 AM
  • GBP/USD has seen three weekly closes in a row above the major 1.3677 Fibo

  • 1.3677 Fibo is a 76.4% retrace of the 1.4377 to 1.1413 (2018 to 2020) drop

  • It is on course to see a 4th close above at the end of trading this week

  • Fourteen-week momentum remains positive, reinforcing the bullish market

  • Scope is still for gains to the 2021 1.3865 high. GBP/USD Trader TGM2338

  • Dollar's downside risk greater after dovish Fed nL1N2KH0TG

Weekly Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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