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GBPUSD’s fall limited by 50-day SMA
GBPUSD has consolidated around 1.2293, which is the 23.6% Fibonacci retracement of the down leg from 1.3381 to 1.1957, as directional momentum has dried up. The pair is trading within a short-term range of 1.2205 – 1.2415, with the price also being squeezed between the 20- and 50-day simple moving averages (SMAs). The short-term oscillators lean towards the negative picture as the MACD, which is currently in the positive area, has moved beneath its red trigger line and towards the zero line. Additionally, the RSI remains in bearish territory, with a retreat off the 50-level and now heads lower. If the bears manage ... (full story)