By Martin Miller — Jan 06 - 06:59 AM
• GBP/USD bearish since the failure to sustain last Sept's 1.3324 Fibo break
• In Sept spot failed to sustain a break above the 1.3324 Fibo
• 1.3324 Fibo is a 76.4% retrace of the 1.4250 to 1.0327 (2021 to 2022) drop
• As the 14-week momentum reading remains negative, expect bigger drop
• Scope for an eventual drop to probe the 1.2000 psychological level
• Near-term recovery moves should be viewed as corrective. Trader
Weekly Chart:
(Martin Miller is a Reuters market analyst. The views expressed are his own)
Source:
London Stock Exchange Group | Thomson Reuters