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GBPUSD has completed a bearish “pennant” formation on last week’s break below former trendline/range support now at 1.3200.
We look for a test of the July 2016 low at 1.2798 next. However, bigger picture we look for an eventual break below here to then test our next target at the 78.6% retracement of the 1985/2007 rise at 1.2752. We would expect this to hold initially, but below it can target pattern objectives at 1.2433 then 1.2000, with scope for 1.1855
Resistance shows at 1.3155/85 initially then 1.3373. Above 1.3413/82 is needed for a base.
*CS maintains a limit order to sell GBP/USD at 1.3155 targeting 1.2752.