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GBP/USD plunges 60 pips in London session
After rallying towards 1.6032 in early London morning, the pair didn’t hold above the psychological level and plunged back to 1.5965/72 area, Monday’s highs, where is sitting for now. No particular fundamental news on the back of the fall. US personal consumption expenditure data is due later in NY session. “Overbought conditions on hourly chart, however, may risk a pause in the near-term rally, with good support seen at 1.5950/30 zone”, wrote Windsor Bokers analyst Slobodan Drvenica, that expects the break above nearly two-month range by breaching 1.6000 psychological level.