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  • $EURUSD is still sliding. US 10-year yields haven't really relented an a favorable fundamental wind from NFPs isn't exactly going to hurt the Dollar. Overlaid is the inverted implied Fed rate changes (+18 bps in hikes) through end of 2022 https://t.co/d4IQ6UosVv
  • $USD resistance putting up a fight around $NFP shorter-term, big question is whether buyers can hold up support around this level through today, lots of jostling on st charts (img 2) $DXY https://t.co/htIr1GaOvd https://t.co/bJPA6UeVGV
  • $EURUSD has headed lower today following a strong beat in US NFPs, hitting an intraday low around the 1.1900 level. The pair is currently trading at its lowest levels since late November. $EUR $USD https://t.co/XDMu4fEsJP
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Forex Trading: GBP/USD Sinking Towards Target

Forex Trading: GBP/USD Sinking Towards Target

Jamie Saettele, CMT, Sr. Technical Strategist

The GBPUSD short from yesterday is already closing in the initial target of 15830, which is defined by the November low and 50% retracement of the rally from the June 2012 low. If 15830 is reached today then I'll get out. If it is not, then I'll leave the stop at 15955 (which has been moved down over the last day from the original 16185 to 16105 (breakeven) to 15955). The logic here is that if 15830 is reached today then this move is probably exhaustive. If not reached today, then we'll see what happens in London on Monday, reserving the right to squeeze more out of this move.

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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