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Jan 25 - 02:55 AM

GBP/USD - Corrective But Bear Bias Holding For The Low 1.22S

By Peter Stoneham  —  Jan 25 - 01:50 AM
  • Sterling rebound into the Tues close hit our 1.2340 trailing stop

  • We took a big figure out of the trade with the drop from 1.2447

  • Long lower candle shadow Tues points to supply fade

  • However, while below 1.2413 the risk remains skewed to the downside

  • A 38.2% Fibo of the 1.1842-1.2447 climb provides a target at 1.2216

  • Momentum readings still reflect the early Jan bull run

  • We lean bearish but will look for better levels to sell

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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