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GBPUSD relies on support levels as bears stay in play
video GBPUSD came under renewed downside pressure on the first trading day of February, feeling the blues from Powell’s hawkish rate message. The pair is currently testing the short-term support trendline from December’s lows at 1.2647, but the technical indicators cannot guarantee a rebound in the coming sessions. The RSI has slid below its 50 neutral mark, the stochastic oscillator is drifting southwards, and the MACD remains negatively charged below its red signal line. Moreover, the pair could not successfully close above the 20-day simple moving average (SMA), nor it could reach the resistance trendline ... (full story)