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Thomson Reuters
May 28 - 05:00 AM
GBP/USD's Recovery Halted By A Key Fibo, Momentum Negative
First appeared on eFXplus on May 28 - 02:45 AM
  • GBP/USD made a decent recovery from the recent 1.2605 low
  • It has been stymied by 1.2788 Fibo, a 23.6% retrace of 1.3380 to 1.2605 drop
  • 14-day momentum remains negative, reinforcing the bearish market structure
  • A break and daily close above 1.2788 Fibo needed to shift the bias higher
  • Dollar bulls find their footing ahead of a key Fibo level

GBP/USD Trader:

Daily Fibo Chart: Click here

Source:
Thomson Reuters IFR Markets

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