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GBP/USD drifting lower after recent rebound
GBP/USD managed to rebound yesterday after a series of positive events raised hopes that the Brexit proposal is gaining credibility. For the near term we have the EU summit on the weekend to concern ourselves with. We are seeing the pair drift lower and there is no guarantee that we are finished with the retracement.
However, it looks likely that this is a retracement of the $1.3072-$1.2724 sell-off. As such, we look likely to see further downside, yet a break below $1.2764 would be required to signal that the next leg lower is upon us. Until then, there is a chance that this current drift lower is going to be greeted by another rebound. Such a move could be sparked by EU approval on Sunday.