GBPUSD experienced a strong decline following its break above the rangebound structure in place since November. Despite the temporary violation of the 200-day simple moving average (SMA), the pair reversed back higher before the 50-day SMA curbed its upside. Should bullish pressures persist, the pair could violate the 50-day SMA and challenge the recent resistance of 1.2682. Higher, the December resistance of 1.2793 could prove to be the next barricade for the price to overcome. Further advances may come to a halt at 1.2826 ahead of the 2024 peak of 1.2892. On the flipside, bearish actions could send the price to ... (full story)