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GBP/USD: potentially resuming down-trend but a-b-c unfinished

   
The pound has weakened after the release of under-par Services PMI this morning; it may be resuming its mini-down-trend lower, now.

A break below the 1.5169 lows would be key in terms of signalling a continuation lower. Such a move would be expected to reach an initial target at support and resistance at 1.5087.

Alternatively the pair may recover and rise higher – particularly because it seems to have formed an unfinished a-b-c correction, which would be expected to reach higher in a final ‘C’ leg up, probably rising from its current level up to the monthly pivot at 1.5397.
GBPUSD03

   
The pound has weakened after the release of under-par Services PMI this morning; it may be resuming its mini-down-trend lower, now.

A break below the 1.5169 lows would be key in terms of signalling a continuation lower. Such a move would be expected to reach an initial target at support and resistance at 1.5087.

Alternatively the pair may recover and rise higher – particularly because it seems to have formed an unfinished a-b-c correction, which would be expected to reach higher in a final ‘C’ leg up, probably rising from its current level up to the monthly pivot at 1.5397.
GBPUSD03



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