Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.

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Yesterday, Brexit related headline reported, that the GBP/USD pair dropped sharply. This pair is now touching the lower level of its recent range, you can see the first lower figure 1.2684. While a break lower can really move further towards downsides 1.2646 and a very lower support level is that 1.2584 for the pair, traders appear to be trying to defend range support.

As you know, the pair GBP/USD was on the edge of breaking above a resistance level that has continued it lower since late May, before the yesterdays US inflation data. The data release was not enough for a break, leading to a turn lower as the dollar increased broadly.

Daily Support and Resistance     

S3    1.2584

S2    1.2646

S1    1.2684

Pivot Point     1.2708

R1    1.2746

R2    1.2771

R3    1.2833

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