GBP/USD Price Analysis: Grinds higher between 50 and 100 DMAs

From fxstreet.com

GBP/USD seesaws around 1.3480 during the initial Asian session on Tuesday. The cable pair dropped the most in two weeks while stepping back from early November highs the previous day. Even so, the quote remains between the 50-DMA and 100-DMA, suggesting further sideways momentum. It’s worth noting that the RSI line suggests that the bulls are tired and hence short-term declines toward the 50-DMA level surrounding 1.3400 can’t be ruled out. However, the 38.2% Fibonacci retracement level of the October-December fall adds strength to the stated support near 1.3400 and challenges the GBP/USD bears. Should the quote ... (full story)