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GBP/USD: we are still selling

GBP/USD: we are still selling

Information is not investment advice

GBP/USD is trading below the weekly pivot level at 1.2707. The pound is under pressure as the political future of the UK remains uncertain after Prime Minister announced that she would step down on June 7.

The pair formed a “dark cloud cover” pattern on the daily chart. It’s a sign that bears remain active and sell the pound on its attempts to correct higher. The sterling may retest the 78.6% Fibo level at 1.2625. The fall below the latter will open the way down for an even bigger decline to 1.25.

GBPUSD 28.png

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AUD/JPY has been recovering from the 74.00 area since the start of January, but met resistance in the 76.00 area.

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USD/CHF may rise a bit

USD/CHF formed a “hammer” candlestick on the D1. The most recent price low wasn’t confirmed by the Awesome Oscillator on this timeframe.

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