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May 10 - 03:55 AM

GBP/USD - Bullish Advantage But Resistance Close By

By Peter Stoneham  —  May 10 - 03:05 AM
  • Back to back daily hammer style candles

  • No preceding bear trend but the candles still significant

  • Fourteen day momentum confirming the price lift to 1.2540

  • Initial resistance at the 200-day moving average, 1.2543

  • With recent long upper-lower candle shadows risk is for sideways bias

  • We lean bullish but will look for stronger bull signals before trading

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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