After recording a
bearish engulfing candlestick pattern on the daily chart in the previous week,
the GBPUSD pair continued to grind lower. In the previous session, the pair
oscillated between gains and losses, recording a small doji candlestick pattern
on the daily chart. On the 8H chart, after over extended trading of the
stochastic indicator in the oversold territory, it is now attempting to head
higher above its midline. Meanwhile, emerging signs of positive divergence
condition on the 2H MACD and RSI suggests at a possibility of mild recovery
today. However, a move back and stability above the immediate resistance of
1.5340/50 is required to confirm the same. The weekly technical picture
continues to reflect a bearish outlook.
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