GBP – relief rally ahead

FX:EURGBP   Euro Fx/British Pound
A short-term relief rally is in the pipeline for the British Pound. GBP bullish developments can be seen on the GBP/USD             and EUR/GBP             daily chart .

Clive Lambert from FuturesTechs (https://www.youtube.com/watch?v=dHxUAZHCzKw ) presented his view on British Pound on other major markets on today’s ‘London Open Finance Show’.

Clive takes note of a bullish candle on GBP/USD             candle chart – yesterday’s candle engulfed previous 4 red candles plus the open-low and close/high were same. The candle stick pattern suggests a technical correction ahead in Cable.

A pull back is also expected in EUR/GBP             courtesy of a bearish price RSI/MACD divergence.
From our side.. A technical correction in GBP/USD             in the pair would gather pace once the spot sees a convincing break above 1.3056 (July 26 low).
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