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GBP/USD is facing pullback on its support

The GBP/USD fell slightly on Monday with the market being relatively illiquid due to the American and British holiday. At 1.5089 at the moment of writing, the pair started the day on negative footing. The pair is facing a pullback on its support with the 1.50 level being key for the bulls to watch. As long as we remain above the psychological important area of 1.50, there is further upside potential all the way up to 1.5155. A break above that level would open the way to 1.522. In the alternative scenario, we need to see a consistent break below 1.50 to get on the short side of the market. On the economic data front, a quiet European session puts the focus on the US Consumer Confidence and Richmond Fed reports.

Dafni Serdari
Market Analyst, Spread betting & CFDs
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