GBP/USD: The Level To Watch Is 1.2429 – Citi

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GBP/UDS is looking for a new direction after the recent downfall. What’s next?

Here is their view, courtesy of eFXdata:

Citi discusses GBP/USD technical outlook and highlights the importance of the 1.2439 as a key pivotal level.

“It is the 76.4% pullback of the 2016-2018 rally and held decisively in December 2018 (low was 1.2441).

On the one hand a continued hold could effectively create a double bottom off his pivotal area and open up the way for renewed topside gains,” Citi notes.

However a break below (weekly close) would negate this potential and suggest further losses back towards the 20176 lows at 1.1840 are likely,” Citi adds.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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