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GBPUSD currency pair recently reversed down from the key resistance level 1.22000 (former support from the middle of May, acting as the resistance after it was broken previously) intersecting with the 38.2% Fibonacci correction of the earlier downward impulse from the start of June.
Given the strongly bearish sterling sentiment seen across the currency markets today along with the long-term downtrend, GBPUSD currency pair can be expected to fall further toward the next support level 1.19350.
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