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    Technical Analysis – GBPUSD increasingly bearish after falling out of down sloping channel

    GBPUSD has fallen out of the downward sloping channel and has turned increasingly bearish this week. A 5-year low of 1.4532 was touched on Thursday at 1.4532.

    The technical indicators are bearish, with the tenkan and kijun lines negatively aligned and pointing downward. The daily Ichimoku cloud is falling and the market is below it. The RSI is in bearish territory below 50 and entering oversold levels. The market has scope to target the June 2010 low of 1.4345.

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