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Aug 01 - 05:55 AM

GBP/USD - Chart Points To A Likely Market Top Despite Momentum

By Martin Miller  —  Aug 01 - 04:20 AM
  • Recent recovery so far limited by the cloud that now spans 1.2249-1.2512

  • A market top is likely to form, unless there as a close above 1.2214 Fibo

  • 1.2214 Fibo is a 50% retrace of the 1.2666 to 1.1761 (June to July) drop

  • We are short at 1.2195, but are mindful 14-day momentum is positive

  • The momentum reading has been positive for 5 trading days in a row

  • GBP/USD Trader TGM2338. Previous update nL1N2ZA0SV

Source:
Refinitiv IFR Research/Market Commentary

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