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GBPUSD’s rebound stalls at 50-day SMA

From xm.com

GBPUSD has been stuck in a rangebound pattern since mid-November, unable to adopt a clear directional impetus. Despite falling towards the lower end of the range in February, the pair managed to fight back after encountering strong support at the 200-day simple moving average (SMA). Given that the short-term oscillators are providing cautiously positive signals, the bulls might attempt to conquer the 50-day SMA before attacking the November high of 1.2732. Should that barricade fail, the spotlight could turn to the December resistance of 1.2793 ahead of the six-month peak of 1.2826. Surpassing that zone, the price ... (full story)

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  • Category: Technical Analysis