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GBPUSD extends collapse; finds floor at 138.2% Fibonacci
GBPUSD breached the 1.2381 swing low, causing a steeper downfall towards the 138.2% Fibonacci extension of 1.2026 of the up leg from 1.2393 to 1.3381. The relatively flat momentum indicators support a very short-term breather. The MACD has flattened below its red trigger line, whereas the RSI is hovering on the 30-level of the oversold area. Despite the short-term pause view, the negatively-sloped simple moving averages (SMAs) indicate that the trend is likely to remain on the downside. If the bears can push below the 138.2% Fibo extension of 1.2026 and more importantly the 1.2000 psychological number, the focus ... (full story)