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GBPUSD Continues Downward Trend

by Daisy

The GBPUSD exchange rate resumed its decline after a significant drop following a test of the $1.2700 mark yesterday. This downward movement is heading towards the first anticipated target of $1.2580. Should this level be breached, the price is expected to fall further, reaching the next correctional level at $1.2480.

The movement below the EMA50 indicates the continuation of this bearish trend. This outlook will remain unless the price breaks above $1.2700 and holds with a daily close above this level.

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Expected Trading Range:

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Support: $1.2560
Resistance: $1.2700

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