GBP/USD begins 2023 on a back foot as it prints mild losses near 1.2080 during the early hours of Monday. In doing so, the Cable pair justifies the previous day’s failure to cross the 200-SMA inside a one-week-old symmetrical triangle formation. That said, the 200-SMA level, around 1.2100 by the press time, precedes the stated triangle’s upper line near 1.2110 to restrict short-term advances of the GBP/USD prices. It’s worth noting, however, that the bullish MACD signals and the firmer RSI (14), not overbought, join the 1.2000 psychological magnet to limit the Cable pair’s immediate downside. Hence, the GBP/USD may ... (full story)