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Feb 05 - 06:55 AM

GBP/USD - Strong Recovery Eyes Ichimoku Resistance

By Peter Stoneham  —  Feb 05 - 04:39 AM

• Monday's bullish engulfing line playing out

• Three-day recovery eyes the daily cloud base, 1.2594

• The cloud is falling and could lean on sterling

• Move up is supported by the 10-day moving average, 1.2447

• A 38.2% Fibo off the 1.3434-1.2100 drop is at 1.2610

• Daily momentum and RSI are confirming the rebound from 1.2249

• We lean bullish but the cloud is now key: side lined for now

• 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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