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GBPUSD returns above 1.2100; bullish cross within SMAs remains intact
GBPUSD rebounded off the 1.2000 psychological level in the preceding session, flirting with the 20- and 40-day simple moving averages (SMAs). The bullish crossover within the SMAs remains intact, suggesting that a bullish correction may be on the radar in the short-term timeframe. The MACD oscillator is moving sideways near its trigger and zero lines, while the RSI is approaching the neutral threshold of 50. If the market manages to gain momentum, the 23.6% Fibonacci retracement level of the decline from 1.3640 to 1.1760 at 1.2200 may act as nearby resistance ahead of the 1.2300 barrier. A sustained close above the ... (full story)
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