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GBP/USD - Low Volatility

GBP/USD is trading slightly higher. Yet, bullish pressures seems to fade. Expected to break lower symmetrical triangle and to target support at 1.2798 (06/07/2016 low). Hourly resistance is located at 1.3291 (22/07/2016 high). Stronger resistance at 1.3534 (29/06/2016 high) looks far.

The long-term technical pattern is negative and favours a further decline as long as prices remain below the resistance at 1.5340/64 (04/11/2015 low see also the 200-day moving average). Key support at 1.3503 (23/01/2009 low) has been broken and the road is wide open for further decline.

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