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Jun 29 - 03:55 AM

GBP/USD - FX Traders Consider Fading Adjustment

By Peter Stoneham  —  Jun 29 - 02:40 AM
  • Significant bear candle on the weeklies and close below a key 61.8% Fibo

  • Next Fibo 76.4% off the 1.2075-1.2812 bull run comes at 1.2249

  • Bid early Monday but likely corrective after three-week slide

  • Fading up-ticks to Frid's 1.2436 high or Thurs Doji high 1.2464 a strategy

  • However, we prefer to await a stronger signal before entering a trade

  • 14-day negative momentum fading and RSI rising hint at price recovery

  • Major support now at cloud top, 1.2283















GBP/USD Trader:

GBP/USD weekly candle chart: Click here

GBP/USD daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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