GBP/USD Price Analysis: Bears throwing in the towel, weekly VWAP eyed

The price has moved in a parabolic move to the downside a correction is nigh. Scanning across the time frames, once the price breaks the prior day’s highs with a daily close above it, the weekly VWAP that has a confluence of the 24 September 2020 lows around 1.2675 will be key and a 38.2% Fibo thereafter.

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Market Update: Extreme momentum readings in GBP/USD

GBPUSD is nearing the 61.8% retrace of the rally from the 2020 low at 1.2495.  The top side of the trendline that originates at the 2015 high (blue line) is just below this level near 1.2415.  The next 3 charts highlight when daily RSI is below 21 over the last 20 years.  All instances led to at least interim lows EXCEPT during the financial crisis.  So, unless this is the financial crisis, we should be on the lookout for a reversal.

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This article was originally published by Fxstreet.com.Read the original article here.

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