Technical Update - Extreme volatility in GBPUSD could signal trend exhaustion
Kim Cramer Larsson
Technical Analyst, Saxo Bank
GBPUSD took out support at around 1.21 AND spiked below 1.20 before bouncing back above 1.22. Selling pressure seems to be weakening indicated by RSI divergence on both daily and weekly time period.
GBPUSD be range bound between 1.2150 and 1.2435 for some time. Break out from range is needed for direction.
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