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    GBP/USD: bearish and keeps getting hit by offers on recoveries - FXStreetRoss J Burland

    Valeria Bednarik, chief analyst at FXStreet explained that the British Pound turned sharply lower in the American afternoon, erasing all of its intraday gains and plummeting towards the 1.4500 level, in spite of encouraging macroeconomic figures coming from the UK this Wednesday. Key Quotes: "Industrial and Manufacturing output in the month of April grew much more-than-expected, up by 2.0% and 2.3% respectively against expectations of a flat reading. The NIESR GDP estimate showed that the economy grew by 0.5% in the three months ending in May 2016 after growing 0.4% in the three months ending in April 2016. The GBP/USD pair 4 hours chart shows that the price is now a handful of pips above a horizontal 20 SMA, around 1.4500, and the 200 EMA in the 1.4480, whilst the technical indicators have turned sharply lower, and the RSI indicator is about to cross below its 50 level, supporting some additional declines on a break below the mentioned EMA."

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