GBP/USD Technical Analysis: Cable on a rollercoaster erases weekly gains as GBP/USD is melting towards 1.3050 level
♦️GBP/USD is switching from a bearish to a bull trend on the daily chart.
♦️GBP/USD has erased the weekly gains as UK Prime Minister Theresa May warns on a potential ‘no deal’ scenario.
♦️GBP/USD is trading below its 50-period simple moving average as the market is re-integrating the bull channel (blue lines). Bears made quite some damage and further downward consolidation is to be expected as the RSI, MACD and Stochastics are gaining bearish traction. The main supports are 1.3050 (August 30 swing high, key level) and 1.2957 July 19 swing low
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