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GBP/USD is at Overbought Levels

By:
Nenad Kerkez
Published: Jan 25, 2021, 08:40 UTC

The GBP/USD is a bit overbought. The price hasn’t made any substantial retracement since touching the high at 3750.

GBP/USD

In this article:

The GBP/USD is a bit overbought. The price hasn’t made any substantial retracement since touching the high at 3750.

Lower high on the chart suggest a pullback to 88.6 fib. If bears take over the bulls, we should see another drop and a retest of Friday lows. Failure to close below Friday low might make bulls stronger. At this point the POC 3705-15 should reject the price down towards 1.3660 and 1.3620. Only a break of 1.3750 will make this scenario invalid.

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Cheers and safe trading,

Nenad

 

About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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