GBPUSD extended last week’s decline towards the 200-day simple moving average (SMA) on Monday and could lose further if the RSI and the MACD remain in bearish territory. The fast-stochastic oscillator, however, suggests that in the very short-term upside corrections are possible as the indicator heads for a bullish cross in oversold area. The previous low of 1.2864 (bullish doji), which is slightly below the 50% Fibonacci of the upleg from 1.2393 to 1.3380, will be closely watched in case of additional bearish sessions as any break lower would return confidence to the downleg started from the 1.3380 peak. Further ... (full story)