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GBP/USD Two Scenarios Likley

On Tuesday, the British Pound edged lower by 93 pips or 0.68% against the US Dollar. The currency pair was pressured by the 55-, 100– and 200– hour SMAs during yesterday’s trading session.

The exchange rate could continue to decline within the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.

However, if the channel pattern holds, bullish traders could pressure the GBP/USD currency exchange rate higher within this session.

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This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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