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Sep 25 - 07:55 AM

GBP/USD - If GBP/USD Closes Under 1.2700 A Bad Situation Will Get Much Worse

By Jeremy Boulton  —  Sep 25 - 06:00 AM
  • GBP/USD has bounced from tech markers that were sure to draw bottom fishing

  • That means longs entered when shorts are required to hedge Brexit risk

  • It's a positioning imbalance that poses huge downside risk nL2N2GL086

  • The bounce has already lost momentum, cable dropping 1.2805 to 1.2726

  • A close today below 1.2700 would be very bearish

  • It would be a close below 100, 55 and 21-WMAs

  • It would heighten chance pair drops to a thin weekly cloud 1.2396-1.2484

  • The issue with thin clouds is that they are easily broken




GBPUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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