GBP/USD Classical 03.23
GBP/USD: The market looks to be in the process of a bearish consolidation, with an eventual break below 1.4780 to confirm and open the next major downside extension. The 10-Day SMA has been below the 20-Day SMA for a good portion of 2010, and with the shorter-term SMA now kissing the 20-Day, we could once again be on the verge of another major decline. A clear break of the 10-Day SMA back above the 20-Day would however delay outlook and potentially warn of some bullish price action back towards 1.5375. For now, we remain sidelined.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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