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GBP USD Positive intraday bias

10/07/2016 // 08:19:44 pm

The GBPUSD pair traded in the red for a third straight session yesterday and closed at 1.2908, after touching a low at 1.2877. Although the daily MACD is trading in the negative region, the RSI and stochastic indicators are attempting to move out of their oversold territories, reflecting at a bullish technical picture. Similarly, 8H momentum oscillators are trading with a positive showing, further endorsing the bullish potential. Key technical obstacle is located at the 2H upper Bollinger band (currently trading at 1.3005), followed by the 1.3047/50 and psychological 1.3100 levels. A sustained break above the latter is required to lessen further weakness in the pair. On the contrary, intraday support resides at the 1.2908/05 level, followed by the 2H lower Bollinger band (currently trading at 1.2878/75 and 1.2850 levels. A breach below the latter might lead to further decline in the pair.

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