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GBP/USD: Retracement to find some support at 1.3864/1.3755 - Commerzbank

FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes that the GBP/USD pair has failed at the 1.4245 March 2018 high and and is set to test the 1.3864/1.3755.

“GBP/USD has failed just ahead of its initial target at 1.4240 (1.4245 is the March 2018 high) and our profit stops have been hit.” 

“We look for a correction lower, dips lower should find some support at the 20-day ma at 1.3864 and at the two-month uptrend at 1.3755.” 

“The 55-day ma lies at 1.3683, but our longer-term uptrend is not encountered until 1.3411.” 

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