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Technical Analysis – GBPUSD loses momentum but outlook still bullish

GBPUSD is stuck in a tight intra-day range between 1.5707 and 1.5766 as it struggles to gain momentum. The intra-day bias is neutral with as RSI showing a gradual shift higher above 50 and the stochastics showing signs of bottoming out before approaching 20.

Support would be provided by the kijun-sen line around 1.5549 if cable reversed and headed lower, while resistance would come at 1.5929, which is the June 18 peak.

The outlook in the medium-term remains bullish. The 50-day moving average recently crossed above the 100-day moving average and is moving closer to crossing above the 200-day moving average. More positive signals can be seen from the Ichimoku cloud with the tenkan-sen line back above the kijun-sen line and prices trading above both the Ichimoku cloud and the moving averages.

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