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GBP/USD: The downside prevails

The sterling lost further ground against the greenback on Monday after incoming BoE chairman mark Carney suggested the possibility of further easing. The pair broke below significant support at 1.5740 and is now hovering in the noisy area from summer 2012. At 1.5711 at the time of writing, the market is posting a rebound, but as the price remains capped by a declining trend line and the RSI lacks upwards momentum around its neutral area on the 30 min chart, the outlook is negative. A break below 1.567 would open the door for the next support levels seen at 1.5635 and 1.5575. Key resistance level for the bears to watch sits at 1.575. Another quiet day on the European economic data front keeps the focus on the US Case-Shiller HPI and the US Consumer Confidence.

Dafni Serdari
Market Analyst
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