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GBPAUD eyes long-term bullish outlook but looks overbought
GBPAUD recorded three strong bullish days this week to fully recover towards the 1.8724 top. A crucial battle is currently taking place around this area, as any decisive step higher would reactivate the 2 ½ -year old upward pattern, turning the pair bullish in the bigger picture. Under a technical view, though, chances for another winning cycle seem to be decreasing as the RSI is turning lower after touching the 70 overbought mark, a warning that the rally is overstretched. The MACD keeps improving above its red signal line, but it is still in question whether it can surpass its previous high. Note that the pair is ... (full story)