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GBP/USD: February’s 2010 lows in sight

The GBP/USD continued the free fall on Friday after the NFP came out much stronger than expected, with the pair breaking below 1.486 before bouncing back to create a hammer on the daily chart. At 1.4897 at the time of writing, the market is taking a breather following two days of severe losses. The market looks set for further declines, but as we reached a key support level, we expect to see rallies all the way up to 1.515. Next key level for the bear to watch sits at 1.4825 and 1.474. As long as we remain below the 1.515 area, rallies could be seen as a good selling opportunity. We need to see a consistent break above that level, in order to reconsider our outlook.

Dafni Serdari
Market Analyst, Spread betting & CFDs
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