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    GBP/USD: bears currently pushing pair lower; 50-day MA in sight

    Bears got the upper hand and pushed cable back below key support towards the next target at the 50-day MA, at 1.5162.

    It is possible that the recovery from the April lows, which has formed what appears to be an a-b-c corrective pattern may have finished and the current move lower is a resumption of the longer-term down-trend, although, its too early to be sure.

    One major impediment to progress lower is the 50-day MA and this would be expected to provide strong support if touched by the pair.

    There is support and resistance at 1.5089 and support at 1.5000 because it is a significant round number, psychological level. A break below the 1.5089 support level, however, would probably provide the necessary confirmation for a move down to 1.5000.
    GBPUSD01c

    Bears got the upper hand and pushed cable back below key support towards the next target at the 50-day MA, at 1.5162.

    It is possible that the recovery from the April lows, which has formed what appears to be an a-b-c corrective pattern may have finished and the current move lower is a resumption of the longer-term down-trend, although, its too early to be sure.

    One major impediment to progress lower is the 50-day MA and this would be expected to provide strong support if touched by the pair.

    There is support and resistance at 1.5089 and support at 1.5000 because it is a significant round number, psychological level. A break below the 1.5089 support level, however, would probably provide the necessary confirmation for a move down to 1.5000.
    GBPUSD01c


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