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GBPUSD: Keep 1.2720 on Your Radar Next Week
Today I’m going to share a possible fakeout developing on the GBPUSD daily time frame. We’ll discuss what needs to occur to confirm the pattern, and some key levels to watch next week. I’ll also provide an update on the US Dollar Index (DXY). GBPUSD could be setting up for a correction next week following today’s failure to hold above the 1.2720 handle. The pound closed above the level on Thursday following dovish comments from Fed Chair Jerome Powell. However, market participants may have gotten ahead of themselves. So far today, the DXY is testing 102.60 resistance after bouncing from 102.00 support. A ... (full story)