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Aug 02 - 11:55 AM

GBP/USD Big Correction But Sterling Not Out Of The Woods

By Peter Stoneham  —  Aug 02 - 09:50 AM
  • A choppy Friday session and a healthy rebound in the pound

  • Corrective action the risk and we took a small bite of the bounce to 1.2826

  • Still favour sterling lower and have left an offer by 1.2850

  • Strong support at the daily cloud top, 1.2706

  • The cloud top backed up by the 100-month moving average at 1.2684

  • A bigger than expected bullish adjustment but still see downside risk

  • GBP/USD trader TGM2338

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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