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GBP/USD: Downside potential below 1.60

The selling pressure on the GBP/USD doesn’t seem to have abated with the pair breaking below the 1.60 on Monday’s session. At 1.5978 at the time of writing the cable kick started the day on negative footing. With the bears having the upper hand and considering that we still haven’t broken down below the lowest low at 1.590 on the daily chart, there is still room for downside movement. Near term support level to watch sits at 1.5955. A break below that level could open the door for 1.593 and 1.591. Should further downward pressure push the cable below key support at 1.590 that would expose the 1.57 area. Only a break above 1.605 could delay the downward movement targeting 1.608. A smattering of economic data today comes in the form of GB Industrial production and Us Redbook.

Dafni Serdari
Market Analyst
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The comment in this blog is the personal opinion of the contributors and not Intertrader.com. The content does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial adviser prior to entering into any bet. Intertrader.com is not responsible and disclaims any and all liability for the content of comments written by contributors to the blog, and the content of any third party sites linked from this blog.

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