GBPUSD: Support Break-out chancing further Down.

Breakage of the five-week-old upward trend signals the GBPUSD 's brighter chances of further downside to the 1,2900 round figure. However, the 1.2810-1.2800 horizontal region could contain the pair's further declines. If sellers continue to dominate price movements below 1,2800, 1,2710 and 1,2610 could become their favorites. In the meantime, multiple resistors could confine the pair upside between 1,3040 and 1,3055. Should the quota rally beyond 1.3055, a downward slanting trend around 1.3115 would seem crucial, as a break opened the door for the quote rally to 1.3220.

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