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GBP/USD puts bears in control
Cable continues to push towards the lows of last week’s sudden drop, but buyers came in last night around the $1.21 level.
However, it may be that the market uses this as an excuse to sell into strength, so unless the price gets back above $1.2350 it looks like the sellers still have the upper hand.
First support is possible around $1.21, but through here, the next target would be down towards $1.18.