GBP/USD intraday: the RSI is overbought
Our pivot point stands at 1.2203.
Our preference: the upside prevails as long as 1.2203 is support.
Alternative scenario: below 1.2203, expect 1.2172 and 1.2154.
Comment: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.2185 and 1.2168).
Supports and resistances:
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