GBP/USD -12/1/2020-
• Sterling move for the day
• Rally began in the Asian session, almost 100 pips.
• Pair erased almost all gains in the European session.
• After touching day lows, pair started to rally again testing the 61,8% of the daily move.
• Being able to break above that level, pair continued to rally and tested the daily tops or the 100%.
• After a successful breakout comes the Fibonacci extension, which gives traders the targets.
• Pair just hit the 123,6% level at 1.34290
• Rally began in the Asian session, almost 100 pips.
• Pair erased almost all gains in the European session.
• After touching day lows, pair started to rally again testing the 61,8% of the daily move.
• Being able to break above that level, pair continued to rally and tested the daily tops or the 100%.
• After a successful breakout comes the Fibonacci extension, which gives traders the targets.
• Pair just hit the 123,6% level at 1.34290
Ramzi Abou Abdallah, CFTe, CMT
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