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Jan 06 - 08:55 AM

GBP/USD - Chart Medium-Term Bias Remains On The Downside

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

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