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GBP/USD disappointing after the post-budget rally
Yesterday’s GBP/USD rally around the budget failed to shift the general trend, although, for now, the bulls are managing to hold the price above $1.2150.
The next areas to watch are $1.2065 and then $1.1916, even with the pair heavily oversold on the daily chart, the path of least resistance appears to be lower. It will take a move back above $1.2390 to reverse the bearish outlook here.