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GBP/USD drops below Fibonacci support level

Yesterday the firmer dollar and continuation of the downside in the GBP/USD trend forced the pound very close to a previously noted important Fibonacci support level at 1.2079 (38.2% of the rise from 1.0350, to the 2023 high at 1.3149). This was a price point that has been highlighted here for sometime now. Well, it has been taken out this morning. The GBP/USD had closed in the US last night at 1.2087 after giving back all its rebound gains and more from earlier last week. The pound has fallen to as low as 1.2061 so far this morning and of course the next big level on the downside is now the 1.20 handle. The high seen earlier this morning has been set at 1.2094. It is currently trading at 1.2063

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