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- GBP/USD Price Analysis: Weekly M-formation playing out
GBP/USD Price Analysis: Weekly M-formation playing out
- GBP/USD bulls stay on course for a key weekly resistance target.
- The M-formation is playing out with price correcting the weekly bearish impulse.
Hawkish comments from Fed Chair Jerome Powell yesterday have injected another wave of re-pricing into US rates markets. However, the pound has continued higher in a technical move towards a weekly resistance level as per the following chart:
GBP/USD weekly chart
The M-formation is a compelling pattern that is playing out with the price reverting towards the neckline of the pattern near 1.3350. This comes in towards a 61.8% golden ratio and 1.34 the figure. Should the area hold, the price would be expected to continue on its southerly trajectory with 1.28 the figure in focus.
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