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May 02 - 02:55 AM

GBP/USD - Bears Shrugging Off Corrective Risk

By Peter Stoneham  —  May 02 - 02:30 AM
  • Softer bias Monday, suggests corrective gains have run their course

  • Our 1.2515 long dependant on Frid's bullish engulfing signal confirmation

  • Candlestick patterns are a two-period signal so a bull close needed today

  • A minimum correction off the 1.3749-1.2412 drop is at 1.2728

  • Initial resistance 1.2613, Friday's high point

  • Daily RSI still over sold but pointing down again: negative momentum fading

  • Still see risk of adjustments but a thin Monday market could be choppy

    For more click on FXBUZ

GBP/USD Trader:

GBP/USD daily candle chart: Click here

Refinitiv IFR Research/Market Commentary


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