GBP/USD Classical 02.25
GBP/USD: The most recent bout of bearish consolidation has been broken, with Thursday’s declines below 1.5350 opening a fresh downside extension which now eyes critical psychological barriers by 1.5000. Daily studies are however oversold, and we would prefer to recommend selling into rallies. The 10-Day SMA has more or less capped rallies over the past several days, so we would recommend looking to sell on a rally back towards the shorter-term SMA which currently comes in by 1.5535.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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