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GBP/USD may begin the week with a bounce
The price touched the 50-day simple moving average (SMA) – $1.2658 – on Friday, for the first time since 16 September. Having retreated from overbought levels of Friday, we could see a small bounce into the beginning of the week. However, a steady progression of lower lows means that sellers are likely in charge.
The first target would be the 9 November lows around $1.2350, and below this $1.21.