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May 25 - 06:55 AM

GBP/USD - Still Respecting The Recovery From 1.2156

By Peter Stoneham  —  May 25 - 04:40 AM
  • Bulls point to a long lower candle shadow Tuesday and positive momentum

  • Week's gain consolidation could be start of a bullish continuation pattern

  • Still see potential for a test of 1.2723, 50% Fibo off 1.3290-1.2156

  • Drop below Tues 1.2475 low would negate bull pattern

  • However, converged 10, 21 and 50DMAs provide good support at 1.2423

  • We lean bullish and might consider bidding ahead of 1.2475

    For more click on FXBUZ
















GBP/USD Trader:

GBP/USD daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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