• 785 days Will The ECB Continue To Hike Rates?
  • 785 days Forbes: Aramco Remains Largest Company In The Middle East
  • 787 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,187 days Could Crypto Overtake Traditional Investment?
  • 1,192 days Americans Still Quitting Jobs At Record Pace
  • 1,194 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,197 days Is The Dollar Too Strong?
  • 1,197 days Big Tech Disappoints Investors on Earnings Calls
  • 1,198 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,200 days China Is Quietly Trying To Distance Itself From Russia
  • 1,200 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,204 days Crypto Investors Won Big In 2021
  • 1,204 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,205 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,207 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,208 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,211 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,212 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,212 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,214 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

GBP/USD Trapped Bears Getting Squeezed

GBP/USD accelerated higher after the failure to sustain the downside break of the 1.5645 support level, trapped bears fuelling a powerful short squeeze.

The velocity of the move/re-capture of 1.5834 suggests that an important reaction low has formed at 1.5603, setting the stage for a revival of the 1.5235 advance through 1.5993 for the 1.6167 reaction high initially.

Settlement back under 1.5700 from here would neutralise, while loss of 1.5603 would be negative risking a return towards 1.5500 initially in a deeper retracement of the 1.5235 advance.

Daily Technical Report

 

Read the Report

Back to homepage

Leave a comment

Leave a comment