Technical Analysis – GBPUSD quickly erases earlier gains; bullish in short term
Posted on March 12, 2019 at 7:51 am GMTGBPUSD posted a sharp bullish rally earlier today almost challenging the 1.3300 handle, however, the price quickly erased those gains and returned back around 1.3200. In the previous day, cable added 230 pips gains, driving the price above the 23.6% Fibonacci retracement level of the upleg from 1.2390 to 1.3350, around 1.3120. Technically, the RSI continues to flatten around the neutral threshold of 50, while the MACD is gaining some steam approaching the trigger line, both signaling that a bullish to neutral move is likely to persist in [..]