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GBPUSD trapped between reversal pattern and long-term trendline
video GBPUSD started the week with weak momentum, holding slightly above the supportive red Tenkan-sen line and the 1.3060 level. Previously, the pair had jumped out of an ascending channel, raising speculation that the bulls may have further room to run. But a long-term descending trendline stretched from the 2015 peaks managed to halt the price around 1.3170, where the pair now seems to have created a double top formation – a bearish reversal pattern. In momentum indicators, the RSI has also topped twice in the overbought territory and is currently retracing lower, while the MACD and the Stochastics continue to ... (full story)