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UKOUSD – 21 Aug 2024

UKOUSD 21 Aug 2024

On the weekly timeframe, UKOUSD shows that the commodity is still in a bearish trend since experiencing a trend reversal last June. The strong bearish momentum has brought the price down to below the kumo cloud. Although it tried to initiate bullishness, the effort was not strong enough to push the price back above the kumo cloud. Currently, the UKOUSD is at a price position of 76.575, with the stochastic indicator showing the chart at around the 30 level. This indicates that the potential for bearish pressure is still strong, but if there is a reversal of momentum, the price may be able to reverse direction, especially if there is confirmation from other indicators.

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