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GBPUSD sell-off eases slightly after finding support at 4-month low of 1.3485
GBPUSD has headed sharply lower over the last three weeks after the strong bounce off the 1.4375 resistance level. The pair challenged a fresh almost four-month low of 1.3485 achieved last Friday near the 38.2% Fibonacci retracement level of the upleg from 1.2100 to 1.4375. The pair failed to end a day below the aforementioned obstacle and is paring some of the losses. From the technical point of view, in the daily timeframe, the Relative Strength Index (RSI) is slightly pointing to the upside but remains in the oversold zone, while the MACD oscillator is losing bearish momentum in the negative territory, indicating ... (full story)