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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 84.57%, while traders in France 40 are at opposite extremes with 70.12%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Gb5NeVBsGS
GBP/USD 50% Retracement of Rally from 2013 Low at 1.6001

GBP/USD 50% Retracement of Rally from 2013 Low at 1.6001

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

GBP/USD 50% Retracement of Rally from 2013 Low at 1.6001

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“GBPUSD has dropped under the May low, reached the 200 day average, and is working on its 6th consecutive weekly decline for the first time since June 2010. It’s been well-documented that extremely high volume tends to occur near or at a market turn but extremely high volume has also ‘kicked-off’ a number of moves, including 8/7/2013.” The GBPUSD is in free fall and the next levels that could stem the decline are the 50% retracement of the advance from the 2013 low at 1.6001 and the November 2013 low at 1.5850.

--Tradingideas are availabletoJ.S. Trade Desk members.

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