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GBP/USD set for further losses
Yesterday’s disappointing manufacturing PMI reading set the stage for losses in cable, and with the failure to break $1.4670 once again it looks like the pair is in for an extended move lower on the daily time frame.
Intraday, however, the pair is oversold, so with a bearish outlook in mind, we should wait for a bounce to materialise, perhaps up to $1.4620, before looking to short the pair. A close above $1.47 would likely invalidate the bearish hypothesis.