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Mar 22 - 03:55 AM

GBP/USD Fibonacci Rejection Proves Costly For Sterling

By Peter Stoneham  —  Mar 22 - 03:10 AM
  • Big turnaround Thurs with GBP peaking just ahead of a 1.2807 Fibo

  • No preceding trend to reverse but a bearish key day recorded

  • Early Frid GBP drops under a thin daily cloud and eyes the 200DMA, 1.2593

  • Fourteen day momentum and daily RSI confirming renewed sterling weakness

  • The bearish resumption could carry GBP/USD to a new 2024 low below 1.2518

  • We are side lined for now

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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