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GBPUSD waits for a channel breakout
video GBPUSD extended its recovery from a 5 ½-month low of 1.3570 marginally above the 1.3800 level and the 20-day simple moving average (SMA) on Monday but another obstacle has emerged. The price is currently battling the surface of a descending channel and the 38.2% Fibonacci retracement of the latest downfall at 1.3829. Should efforts prove fruitful, the door would open for the 50% Fibonacci of 1.3900, while within breathing distance, the 50-day SMA at 1.3952 may cancel any corrections towards the 61.8% Fibonacci of 1.4032. The upside reversal in the momentum indicators is endorsing the above bullish scenario, ... (full story)