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Forex pairs in this Article » GBP/USD (London) - GBP/USD found a low yesterday of 1.5136, marking new ground for the pair.

GBP/USD has broken key support and has carved a renewed territory from which it can now continue to target the downside. There are some highlights today on the calendar but events that are more in focus are not until tomorrow and Friday with BoE and US Jobs reports. Meanwhile, tomorrow sees 4th July, a holiday in the US which could bring illiquidity to the market and result in an aggressive move on Friday one way or another. For now, support is likely to hold with only second tier data releases, but on the other hand, the trade balance report used to be a main and market moving event, and the ADP Employment Change as well as ISM Non Manufacturing could trigger a break out one way or another if the data offers any big surprises.

GBP/USD under pressure

Karen Jones at Commerzbank said GBP/USD remains under pressure and on target for the support line at 1.5089, this connects the March low to the May low and may hold the initial test ahead of losses to the 1.5009 May low and then the 1.4832 March low. She said he team are exiting shorts at market as they are more than 3 big figures in profit and nervous that the support line will hold the initial test. They look for intraday rallies to remain capped by 1.5265/1.5340 for an immediate downside bias to be maintained. Key resistance remains the 1.5736/87 band – the recent high, the 61.8% retracement of this years move, plus the 200 week moving average.
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