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Support: 1.3912; 1.3828;
Resistance: 1.4283; 1.4345;
The GBPUSD pair traded negatively yesterday and hit 1.3900 level, and failed to break it, but it returned to key resistance at 1.4005, accompanied by stochastic reach to the overbought areas.
Therefore, all these are valid indication for continuation of correctional bearish trend with next main target at 1.3800, noting that breaching 1.4105 will stop the current negative pressure and lead the price to attempt to return to the main bullish trend again.
Expected trading range for today is between 1.3800 support and 1.4000 resistance.
Expected trend for today: Bearish
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Interesting day for GBP/USD. We have strong Sterling on BoE and the pair skyrocketed to reach daily high at 1.4013. Th afternoon will bring US macto data, so let’s see how the greenback will behave.