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GBP/USD could see 50-day SMA
The move above $1.52 continues, as the long-awaited recovery in cable finally gets underway. A continuation of this move will head towards $1.5290 and then on towards the 50-day SMA at $1.5449.
The daily RSI’s strong move higher adds to the bullish picture, and so long as the price remains above $1.52 then I expect further gains to materialise. A move back below last week’s lows around $1.51, and then through the May lows at $1.5090, would signal that the turnaround has ceased and new lows should be expected.
For GBP/USD, once $1.5090 is lost there is little support until $1.48.