Forex - Chart GBP/USD Update: Downside tests to stabilise above 1.2150


 06:54 (GMT) 23 Aug

  [Forex Charts]

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Chart GBP/USD Update: Downside tests to stabilise above 1.2150 (0101-NRBR-C01)

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Asterisk denotes strength of level

07:45 BST - The reactive run higher has faded beneath the 1.2308 Fibonacci retracement, as overbought intraday studies unwind. A corrective pullback is underway, but any break below the 1.2210 high of 6 August should stabilise above 1.2150 whilst daily readings continue to point higher. Improving weekly charts highlight scope for fresh GBP gains in the coming sessions, with a break above the 1.2271 high of 2 August opening up 1.2308. Beyond here is 1.2380.


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