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Feb 06 - 03:55 AM

GBP/USD - Weekly Cloud Rejection A Significant Development

By Peter Stoneham  —  Feb 06 - 02:05 AM
  • Strong rejection at the weekly cloud is significant

  • Cloud base currently at 1.2372 and cloud is falling sharply

  • Sterling also deep inside its daily cloud and looking to the 200DMA

  • The average at 1.1954 and has supported the market since Jan. 6 bull break

  • Daily momentum now reflecting the price drop but RSI diverging bullishly

  • The 10-WMA resistance is at 1.2179: possible fade point

  • We lean bearish: will monitor any corrective rebound for a fade opportunity

    For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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