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lacasafxfamily
Jun 12, 2023 1:18 PM

Big engulfing candle, downtrend likely continues  

British Pound/U.S. DollarFXCM

Description

It is very difficult to analyze the pair accurately now, but we see that this movement is logical after the closing of a negative engulfing 4-hour candle. We expect the selling momentum to continue until reaching strong retracement areas, Fibonacci 50 or 61.8, then moving upwards towards the main supply areas.

Trade closed: target reached

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