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GBP/USD – Technical Levels and Conditions 3/12
Bearish: The GBP/USD continues to dig lower, and has a 1.4780 pivot – 1.48 handle as the near-term target at this point. Below that we have more room toward the 1.4227, 2010-low. The 1H chart shows a strong bearish market, with the RSI holding under 60, and tagging 30 repeatedly and the moving averages in bearish alignment. 1.4960: There is a resistance/support area between 1.4985 and 1.4965. At this point, in order for the GBP/USD to neutralize the bearish outlook and momentum in this time-frame, price needs to rally at least above 1.4965 and pull the RSI above 60. Otherwise, cable continue to be bearish...
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