The momentum at inverse appears waning and an ultimate return to over .80 appears viable after potential weekly stops at .75 and .77
Supporting a short squeeze, reportable traders data places market in net short state.
Fundamentally: Stagnation in the US. Weakness in the Eurozone. Recession in China. Natural disaster in Japan. Buy some Pounds.
Technically there is daily bullish momentum divergence. Commitment of traders shows weekly long side accumulation.
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A confident return into support at .71. would make the entry invalid.
I would expect more price suppression and a tighter range in the consolidation if it was intended to reverse long term.
We could see an ascending pattern form and then a run to lower prices seems likely.
The Pound has been accumulated on a weekly level and the Euro looks to be under a pattern...