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GBPUSD recently reversed down from the resistance area lying between the key resistance level 1.26000 (top of the previous wave (2)), upper daily Bollinger Band and the 61.8% Fibonacci retracement of the previous ABC correction (2) from April. Given the moderately bearish Sterling sentiment and the medium bullish US dollar sentiment seen across the markets today – GBPUSD is likely to extend the losses toward the next support level 1.22600 (low of the previous impulse wave 1).
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