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GBPUSD develops in ascending channel in short term
GBPUSD has been developing within an ascending channel over the last three months, hovering around the moving averages in the daily timeframe. The price started an upward move following the rebound on the 35-year low of 1.1409, remaining above the Ichimoku cloud, while the RSI is moving sideways near the 50 area. However, the MACD oscillator is heading south below its trigger line, confirming the recent downside movement. Should the market extend losses below the 50.0% Fibonacci retracement level of the down leg from 1.3515 to 1.1409 at 1.2460, prices could slide towards the 38.2% Fibo of 1.2212. A significant leg ... (full story)