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Selling To Accelerate In GBPUSD Below 1.5960
GBPUSD buyers look nervous as sellers are not willing to step aside causing downside in the pair. 1.5960 is an important support level which can be seen as a short-term pivot area. Technical Analysis Recently, GBPUSD climbed higher towards the 1.6180 level where it found a lot of selling interest. The main reason for the pair failing around the mentioned level was the fact that it represents a major confluence area. 50 simple moving average (SMA) – 4H and 50% fib retracement level of the last drop from the 1.6521 high to 1.5870 were coinciding around 1.6180. Moreover, there was a bearish trend line as well ... (full story)