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GBPJPY records new six-week low, breaking consolidation area
GBPJPY continues to fall below the Ichimoku cloud and the simple moving averages (SMAs) in the 4-hour chart over the last couple of days, penetrating the consolidation area, which had been holding since March 26. According to the MACD, negative momentum could push for further losses in the short-term as the indicator picks up steam below its red signal line. The RSI is also decreasing, and it is relatively close to the oversold threshold; positive corrections cannot be excluded if there is a drop below 30. In the negative scenario, where the price continues to expand lower, a new trough could be formed around the ... (full story)