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GBPUSD holds well below the 1-year high
GBPUSD is retreating after a strong rally towards the one-year high of 1.3045. The technical oscillators also confirm the bearish retracement. The stochastic is diving into oversold territory, while the RSI is pointing slightly down above the 50 level. If the dive continues, immediate support could come from the 1.2860–1.2890 region, ahead of the 20-day simple moving average (SMA) at 1.2825. Steeper declines could pave the way for a retest of the 50-day SMA at 1.2760 and the ascending trend line near 1.2740. In a positive scenario, a rebound from 1.2890 may take the price higher again, testing the previous peak at ... (full story)