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Jun 30 - 03:55 AM

GBP/USD - May Low A Target For FX Traders Holding Shorts

By Peter Stoneham  —  Jun 30 - 02:35 AM
  • Daily cloud top support continues to put up a fight, currently 1.2289

  • Failure to close inside the cloud Mon but another breach early Tues

  • 14-day negative momentum increasing and confirming latest weakness

  • Daily action is beginning to trend, falling tops for 5-days

  • Natural bear target being the 1.2075 low from May 18

  • Very long upper shadow to the June candlestick

  • Fading up-ticks favoured while below 10DMA at 1.2410













GBP/USD Trader:

GBP/USD daily Ichimoku chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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