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Close Could Be Key For Near-Term GBP/USD Sentiment

GBP
  • The USD's sentiment-driven pullback off last week's highs is benefiting the major pairs, with the reaction to Friday's NFP adding to the weak USD theme that's defined Monday/Tuesday trade.
  • The GBPUSD outlook has begun to improve, with spot testing the key 20-day EMA at 1.2272 into the Tuesday close. A firm break and close above this level could signal a near-term bottom in the price, opening gains toward the 200-dma above at 1.2441 and levels last seen in mid-September.
  • For now, last week’s fresh cycle lows remain in view, which has reinforced bearish conditions over the medium-term. To return focus lower, 1.2028, the Mar 16 low will be the key downside target. For now, short-term gains are considered corrective.
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