JohnKicklighter
Short

GBPUSD Turns Back from 50% Fib

FX:GBPUSD   British Pound / U.S. Dollar
483 3 11
The big bear phase from last July's swing high to the April swing low this year has pulled a mid-point on GBPUSD             around 1.5900. We tested and held that line this past week. Without a FOMC decision or UK CPI             this week, will this pair be left to its own devices and follow technicals' cues?
I still think the Sterling is underpriced for its own rate forecast - the market has been distracted by the Fed's timing. Makes GBPUSD more difficult to evaluate than say a GBPCAD or EURGBP where the disparity between a central bank ready to hike and one that is neutral (or dovish) is clear.
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Maybe its a top maybe its a higher high? if it is followed by a higher low, perhaps around the 0.382 fib (if you believe in them), then it would suggest the medium term bear trend is over.
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Agree. It's a top... Big move down started already.
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