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GBP/USD heading for the low, low land?
GBP/USD finds itself moving back towards the $1.2347 low seen on 7 February. Dollar strength continues to bear down on the pair, but we look to see if the bulls can mount a defence here after nearly 200 points of losses in the past three days.
Momentum clearly lies on the downside, so any sharp rally could be met with fresh selling and unless we see the price move back above $1.2450, the bears remain in charge.