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  • The GBP/USD pair has cleared the falling trendline from Oct. 16 highs on Brexit optimism, confirming that a temporary low has been made at 1.2696.
  • The spot has also found acceptance above the 50-hour and 100-hour EMAs, which has bottomed out (shed bearish bias).
  • However, the hourly relative strength index (RSI) is reporting overbought conditions. Hence, a break above the 200-hour EMA of 1.2860 may remain elusive for the next couple of hours. Moreover, a minor pullback could yield a more sustained move above the key average.
  • The bullish view would be negated if the currency pair falls back below the trendline.

Hourly Chart

Trend: Bullish


       Last Price:  1.2849
       Daily change:  83  pips
       Daily change:  0.650%
       Daily Open:  1.2766
       Daily SMA20:  1.3012
       Daily SMA50:  1.3015
       Daily SMA100:  1.3048
       Daily SMA200:  1.3441
       Daily High:  1.2832
       Daily Low:  1.2699
       Weekly High:  1.3092
       Weekly Low:  1.2777
       Monthly High:  1.326
       Monthly Low:  1.2696
       Daily Fibonacci 38.2%:  1.2781
       Daily Fibonacci 61.8%:  1.275
       Daily Pivot Point S1:  1.2699
       Daily Pivot Point S2:  1.2632
       Daily Pivot Point S3:  1.2565
       Daily Pivot Point R1:  1.2832
       Daily Pivot Point R2:  1.2899
       Daily Pivot Point R3:  1.2966