Forex Technical Analysis GBP/USD 2013-10-16
The longer term resistance zone at 1.6335/1.6253 where previous peaks formed, drove the pair below 20 and 10 SMA at 23.6% of 1.4828 to 1.6253, at 1.5919. In the last two weeks a possible reversal also increased downside chances, however surging trend line remains solid as prices failed to breach support at 1.5919, backed by 50 SMA providing an extra support at 1.5805.
Looking at the oscillators, RSI(14) has correctly provided a bearish divergence as prices consequently declined but at the moment is neutral.
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