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Jan 11 - 02:55 AM

GBP/USD - Not Dead Yet But Up-Trend Severely Damaged

By Peter Stoneham  —  Jan 11 - 01:59 AM
  • Falling daily tops and removal of a minimum Fibo retrace level

  • 23.6% 1.3135-1.3703 was at 1.3569, 38.2% at 1.3486 and key 50% at 1.3419

  • Bearish advantage into new week and 14-day momentum set to flip to negative

  • Close below 1.3419-29 supp. area this week could trigger stronger reversal

  • Volatility still clouding direction but return to low 1.31s the s/t risk

  • Weeklies still highlight steep up-trend: long lower shadows but weakening















GBP/USD Trader:

GBP/USD daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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