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GBP/USD Technical Analysis: minor correction likely before further gains

The GBP/USD pair closed well above the psychological hurdle of 1.30 yesterday, strengthening the case for a near-term rally to 1.3175 (Nov. 7 high).  The intraday charts, however, indicate a pullback could be in the offing before a rally to 1.3175 unfolds.  

Hourly chart

The RSI on the hourly chart has diverged in favor of the bears and could soon find acceptance below the ascending trendline.  

The RSI on the 4-hour chart is also reporting overbought conditions above 70.00.  

The pair, therefore, could consolidate or fall back to the rising trendline on the hourly chart, currently at 1.3030 before building on the breakout above 1.30 seen yesterday.

Trend: bullish, but minor correction likely

GBP/USD

Overview:
       Today Last Price:  1.3074
       Today Daily change:  0.0002  pips
       Today Daily change %:  0.02%
       Today Daily Open:  1.3072
Trends:
       Daily SMA20:  1.2807
       Daily SMA50:  1.2752
       Daily SMA100:  1.2894
       Daily SMA200:  1.3073
Levels:
       Previous Daily High:  1.3081
       Previous Daily Low:  1.2941
       Previous Weekly High:  1.3002
       Previous Weekly Low:  1.2668
       Previous Monthly High:  1.284
       Previous Monthly Low:  1.2477
       Daily Fibonacci 38.2%:  1.3028
       Daily Fibonacci 61.8%:  1.2995
       Daily Pivot Point S1:  1.2982
       Daily Pivot Point S2:  1.2891
       Daily Pivot Point S3:  1.2842
       Daily Pivot Point R1:  1.3122
       Daily Pivot Point R2:  1.3172
       Daily Pivot Point R3:  1.3262

 

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