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Jan 23 - 04:55 AM

GBP/USD - Runs Into Resistance At Fibo Level For Third Time

By Rob Howard  —  Jan 23 - 03:00 AM
  • Cable met headwind around 1.2442 after catching a fresh bid in Asia

  • 1.2442 is 61.8% Fibo of 1.3749 (Jan 2022 high) to 1.0327 (Sept low)

  • Offers around the Fibo resistance level capped GBP/USD twice last month

  • 1.2443/46 = Dec 13/14 highs. 1.2447 was Asia top (highest since June 10)

  • Ascent to 1.2447 aided by stock gains (pound is risk-sensitive) nL4N3480R7

  • More: nL1N3452ID. 1.2400 is now a support point (1.2405 was Friday's high)

Source:
Refinitiv IFR Research/Market Commentary

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