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Thomson Reuters
May 27 - 05:00 AM
GBP/USD's Recovery Could Be Halted By A Key Fibo
First appeared on eFXplus on May 27 - 02:55 AM
  • GBP/USD has made a decent recovery from the recent 1.2605 low
  • But it is likely to be stymied by the 1.2788 Fibonacci level
  • 1.2788 Fibo, a 23.6 percent retrace of the 1.3380 to 1.2605 drop
  • 14-day momentum remains negative, reinforcing underlying bearish structure
  • Only a break and daily close above 1.2788 Fibo needed to shift bias higher

GBP/USD Trader:

Daily Fibo Chart: Click here

Source:
Thomson Reuters IFR Markets

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