GBP/USD Classical 03.04
GBP/USD: The most recent bout of bearish consolidation has been broken, with declines below critical psychological barriers by 1.5000 now exposing next psychological support by 1.4500 further down. Daily studies are however oversold, and we would prefer 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 1.5240.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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