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Fan Yang

Stalking GBP/USD's Dip for Support

GBP/USD completed a price top and we anticipated a dip. Last time we noted possible support around 1.3325-1.3350. But a break below 1.33 would open up 1.30. So far, the 1.3340-1.3350 area provided support for a couple of sessions, but GBP/USD eventually broke below. 

GBP/USD 4H Chart

(click to enlarge)

Downside:
- At this point, we do have downside towards 1.30, though I think price won't get there and find support a bit higher. 
- Now, there is also support around 1.3150, so let's monitor that area. 
- However, for the moment, we have to limit the bullish outlook to 1.3340/50.
- If price can climb back above 1.3450, GBP/USD would likely be back on the uptrend.

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