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Feb 03 - 07:55 AM

GBP/USD - Indecision Noted But Direction Change Unlikely

By Peter Stoneham  —  Feb 03 - 05:44 AM

• Sharp drop and 10-day moving average flips from support to resistance

• Long upper and lower candle shadows hint at indecision

• A doji candle can warn of sideways action or a direction change

• However, sterling has slipped under a 50% Fibo level at 1.2312

• Positive fourteen day momentum has faded and RSI has room to fall

• Risk remains skewed to the downside and the 1.2100 Jan. 13 low

• GBP/USD trader GBP/USD Trader: [page:2338]
GBP/USD daily candle chart:


(Peter Stoneham is a Reuters market analyst. The views expressed are his own.)

Source:
London Stock Exchange Group | Thomson Reuters

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