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False Break Spillover buying in...>

Spillover buying in GBPUSD helped buoy the pair to the best levels of the week,
with price action topping out at 1.1188. Nonetheless, markets readily sold the
gains ahead of the close, doing little to change the medium-term technical
outlook. The initial target for bears remains the May 3 low at 1.1135, below
here opens the Apr 26 ytd low & May 30 2017 low at 1.1112/10. Further support is
located on approach to 1.11, ahead of the May 18 2017 low at 1.1076. Bulls need
to recover 1.12 on a closing basis before targeting down trendline resistance
off the Jan high & 55-dma at 1.1241.

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