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Jan 14 - 06:55 AM

GBP/USD - Reversal Warning But Confirmation Needed

By Peter Stoneham  —  Jan 14 - 04:40 AM

• GBP/USD displaying over sold values on the daily chart and a hammer candle

• Monday's recovery from 1.2100 formed the hammer reversal warning

• The candlestick signal will need bullish confirmation

• The underlying bear trend is still intact while below the 10DMA, 1.2359

• Fourteen day momentum is looking stretched and RSI is still at 70.00

• Tempted to go long but will wait for stronger reversal signalsGBP/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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