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GBPUSD generates fresh 2024 peak But declines sharply towards the 50-day SMA Momentum indicators weaken significantly GBPUSD has been stuck in a rangebound pattern since mid-November, unable to adopt a clear directional impetus. Although the pair exploded higher and posted a fresh seven-month high after conquering the 50-day simple moving average (SMA), it quickly reversed back within […]

The post GBPUSD Retreats Towards 50-day SMA appeared first on Action Forex.

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05/12/2023

Technical Outlook and Review

DXY: The DXY (US Dollar Index) chart currently has a bearish overall momentum. Price could potentially continue this bearish trend towards the 1st support at 103.02, which is identified as an overlap support. This level may act as a significant area where buying interest could emerge and potentially provide some support for the DXY. If […]
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