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GBP/USD – Correction likely above Asian session high

OANDA:GBPUSD   GBP/USD
Pair ended at 1.2436 on Friday after having recovered from the flash crash on Friday. The spot traded around 1.24 levels at the time of writing.

On the 4-hr chart, we have bullish money flow divergence, while the daily RSI has hit the oversold territory.

Hence, a break above 1.2445 (Asian session high) could yield a corrective rally to 1.25 – 1.2586.

Note that we are operating in a largely uncharted territory. Short-term and long-term averages are overstretched. Overall, it appears the spot is likely to turn sideways in the short-term.
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