fxstreet.com 12 Feb, 2021 13:45 am

Bullish picture not threatened by pullback

Bullish picture not threatened by pullback
GBPUSD is retreating from its fresh 33½-month high of 1.3865 but the move is looking unconvincing in denting the bullish tone above the tentative tren

The red Tenkan-sen line is conveying a drop in upside momentum, while the stalling blue Kijun-sen line is protecting the positively skewed picture.Otherwise, if buyers re-emerge, initial upside limitations may occur at the red Tenkan-sen line at 1.If the pair continues to retract, downside hindrance could commence from the flattening blue Kijun-sen line at 1.3865 but the move is looking unconvincing in denting the bullish tone above the tentative trend line, drawn from the 1.

3655, this could put pressure on the positive picture turning the focus towards the trend line.The MACD, in the positive region, is fading below its red trigger line, while the falling RSI is piercing under the 50 threshold.

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