GBPUSD started a bearish wave again after the spike towards the three-month high of 1.2860, sending prices beneath the 20- and 50-day simple moving averages (SMAs). The market is ready to retest the midpoint of the long-term trading range at 1.2610. Short-term momentum indicators are also pointing to a continuation of the bearish bias. The RSI is still developing beneath its downtrend line and the neutral threshold of 50, while the MACD is standing beneath its trigger and zero lines with weak momentum. Further losses should see the immediate 1.2610 support ahead of the 200-day simple moving average (SMA) at 1.2570. A ... (full story)