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May 16 - 02:55 AM

GBP/USD - Corrective Pointers After Cloud Top Rejection

By Peter Stoneham  —  May 16 - 02:20 AM
  • Five straight bull sessions for the pound

  • An acceleration Wed could be the precursor to a direction change

  • Daily RSI has turned over from the 65 level

  • Early Thurs pullback from 1.2700. Daily cloud top is at 1.2703

  • Taken a counter-trend short at 1.2684 for 1.2530 with a tight 1.2730 stop

  • A close above the cloud negates the corrective risk

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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