GBPUSD Price Analysis: Bulls are lurking at key support, eyes on a correction – by fx_ross GBPUSD Technical Analysis
The sell-off has been sharp but the M-formation is a reversion pattern.
GBPUSD was offered as the US dollar and yields rallied due to the US treasury notes selling today at 4.140% compared to 4.106% in the moments before the auction in the WI market. Since the sale, gains have been wiped clean and Cable remains under pressure. The results so far for the US midterm elections showed little evidence of a "red wave", leaving investors to focus on upcoming inflation data.
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