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May 13 - 03:55 AM

GBP/USD - FX Traders Flick The Pullback Switch

By Peter Stoneham  —  May 13 - 02:20 AM
  • Potentially another top in place at 1.4167, just down from 2021 1.4240 high

  • Long lower shadow Wed evaporated leaving our buy on dips strategy damaged

  • Our bid filled at 1.4060 and we set a 1.4220 target, 1.3995 stop

  • Pullback hits 1.4050 so far, minimum correction off the 1.3670-1.4167 rally

  • June 14 1.3914-47 cloud twist also in the bears' arsenal

  • Long upper shadow on weekly candles a concern for long plays too
















GBP/USD Trader:

GBP/USD daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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