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Nov 3, 2017
GBPUSD STRONGLY BEARISH BELOW 1.3130
The British pound continues to trade towards the bottom end of its one-month range against the U.S dollar, despite better than expected UK Services PMI data earlier. The GBPUSD pair currently trades around the 1.3080 level, managing only a muted reaction to much better UK data. Sterling traders now awaits the release of the NFP jobs report, with expectations for the headline jobs figure skewed to the upside.
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The GBPUSD pair is strongly bearish while trading below the 1.3130 level. Further declines towards the 1.3040 and 1.2980 levels remains likely.
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Should price-action move back above the 1.3130 level for a sustained period, further upside towards the 1.3200 and 1.3307 levels remains possible.