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GBP/USD Forecast: pressuring weekly lows

Written by Valeria Bednarik | 2017-08-11 09:41:27 GMT

From a technical point of view, the pair is bearish and with scope to extend its decline over the next hours, as in the 4 hours chart, a bearish 20 SMA keeps rejecting advances, now offering a dynamic resistance at 1.2990, while technical indicators remain within negative territory, gaining downward strength. Below 1.2950, the next intraday supports come at 1.2920 and 1.2870, while beyond the mentioned 1.2990, the next resistance comes at 1.3020, with an advance beyond this last being quite unlikely for today.

View live chart of the GBP/USD

Author

Valeria Bednarik
XM

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