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Forex: GBP/USD sinks to 1.5260

FXstreet.com (Barcelona) - The sterling is losing more than 100 pips since today’s highs around 1.5370 to the current levels in the boundaries of 1.5255/60, as risk aversion is advancing firmly in the global markets on Friday.

In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross “charted an inside day yesterday to leave our outlook unchanged. We continue to view 1.5412/20, the recent high and the 38.2% retracement as an interim high. Loss of the 1.5166 uptrend will add weight to the idea that the market has resumed its down move”.

At the moment, the cross is down 0.10% en 1.5263 facing the next support at 1.5249 (MA21d) followed by 1.5218 (low Apr.18) and finally 1.5217 (low Apr.17).
On the flip side, a breakout of 1.5370 (high Apr.17) would open the door to 1.5386 (high Apr.15) and then 1.5409 (high Apr.12).

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