GBPUSD Price Analysis: Volatility contracts amid quiet market mood, 1.1800 a key support

The GBPUSD pair turned sideways in the early Tokyo session after attempting a rebound below the critical support of 1.1800. The Cable is looking to extend its recovery above 1.1820 as risk-perceived currencies are gaining some traction in a quiet market mood.

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Murrey math lines: EURUSD, GBPUSD

On H4, the quotes are above the 200-day Moving Average, which means the uptrend is prevailing. The RSI is nearing the support line. A test of 4/8 (1.0253) should be expected, followed by a bounce off it and growth to the resistance level of 6/8 (1.0498). The scenario can be cancelled by a breakaway of the support level at 4/8 (1.0253) downwards. In this case, the pair will go on declining, probably to 2/8 (1.0009).

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

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