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Aug 08 - 05:55 AM

GBP/USD - Correction Provides A Fade Opportunity

By Peter Stoneham  —  Aug 08 - 04:20 AM
  • Mildly corrective following Friday's drop and we sell at market

  • Short from 1.2110 for 1.1780 with a 1.2180 stop

  • A resumption of the August drop initially targets Friday's 1.2004 low

  • Removal of a 50% Fibo level from the 1.1761-1.2291 recovery noted

  • Leaves 61.8%-76.4% levels, 1.1963-1.1886 respectively, for targets

  • Daily bull momentum is fading but RSI still pointing up

  • Daily cloud base at 1.2225 key topside level: potential turning point

    For more click on FXBUZ
















Source:
Refinitiv IFR Research/Market Commentary

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