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GBPUSD renews positive momentum within channel
Following a short period of consolidation around the 1.2700 level, GBPUSD quickly climbed to a two-month peak of 1.2760, boosted by stronger-than-anticipated core UK CPI figures. Technically, the pair pierced through the descending line drawn from May 2021, which rejected the bulls a month ago, increasing hopes that the bullish wave could gain additional legs in the coming sessions. The positive crossings in the exponential moving averages (EMAs) provide further endorsement for the market’s upward trajectory. Nevertheless, it may be wise to exercise caution given that the RSI is just below its overbought mark of 70 ... (full story)