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GBPUSD retraces FOMC bounce, but will the bulls give up?
video GBPUSD closed confidently above the 1.2570 resistance area on Wednesday after a short period of consolidation, raising hopes that the bounce off 1.2410 may get new legs in the short term ahead of today's BoE policy announcement (12:00 GMT). The pair is currently giving up some ground, but the positive trajectory in the RSI and the Stochastics, which have recently exited the oversold territory, and the gradual recovery in the MACD, are sending encouraging signals that buying appetite could soon return. Immediate resistance to upside movements could pop up somewhere between the former barrier of 1.2670 and the ... (full story)