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GBP/USD analysis
Will we see control of the pound being bought instead of the dollar being sold?
Will we see control of the pound being bought instead of the dollar being sold?
Yesterday, after holding above 1.30372, the currency pair continued to rise and penetrate, finally closing at the highest level of 1.32151, indicating that the emergence of purchasing power in the short term is at the expense of sellers, which may be considered a continuation of the mid-term correction.
It is worth noting that this rise intersected the 20-day moving average and the closing price above it, and tested the 50-day moving average, and there is no positive intersection yet. On the other hand, we see that the RSI is above 50.
Therefore, a rebound and another break below 1.32151 may indicate that this is a false breakout, which may lead to further decline and re-targeting of 1.30372 or even 1.30077.
However, if trade continues and holds above 1.32151 and closes and holds above the 50-day moving average, this could signal further upside, with a possible target of 1.33690.
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