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Forex Market GBP Plummets To Weekly low

forex market

The forex market GBPUSD experienced a violent but incredible depreciation during trading on Tuesday following the recent polls showing almost 52% of people voting to leave the European Union when the likelihood to vote was taken into account.

For an extended period, this pair was already under immense pressure and the breach below 1.420 may have opened a path for a further decline towards 1.400 from a technical standpoint, prices are balancing above the daily 20 SMA while the MACD forex market trades deep into the downside.

Previous support around 1.420 should become a dynamic resistance which may encourage a further decline to 1.400 and potentially lower.

A bullish move back above 1.440 suggests bearish weakness and invalidates this daily bearish outlook on the GBPUSD.


Rev Francis Waive

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