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GBPUSD still runs higher finding resistance at 23.6% Fibonacci
GBPUSD had an impressive bullish rally in the preceding week, while it continues the run, touching the 23.6% Fibonacci retracement level of the downleg from 1.4375 to 1.2690, near 1.3065, earlier today. Also, cable surpassed the 20- and 40-simple moving averages (SMAs) in the daily timeframe, confirming the recent upside movement. Momentum indicators are pointing to a positive bias in the short term with the RSI heading upwards above the threshold of 50 and the MACD strengthening its upside momentum in the negative territory. However, the stochastic oscillator holds in the overbought zone but with weak momentum as ... (full story)