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Oct 27 - 05:55 AM

GBP/USD's Large Upper Candle Shadow Warns Of A Bigger Drop

By Martin Miller  —  Oct 27 - 03:56 AM
  • Large upper shadow on Tuesday's candle warns of a bigger relapse

  • That has increased the scope for bigger losses down towards 1.3734 Fibo

  • 1.3734 Fibo, 23.6% retrace of the 1.3412-1.3834 rise

  • Despite this, we remain long at 1.3767 for gains towards our 1.3900 target

  • The 1.3900 target will be unmasked once 200-DMA at 1.3852 gives way

  • Cable based on Friday at 1.3736 and that has so far limited the downside

  • GBP/USD Trader TGM2338. Previous update nL1N2RM0J2

Daily Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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