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British Pound/US Dollar Trading In Critical Support Region
Thursday, 09 October 2008 20:20:50 GMT
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GBP/USD has plunged in recent days, but the area of 1.70 - 1.71 could hold as formidable support. Indeed, looking at the monthly charts, the region has historically served as critical support or resistance which suggests we could see a bit of a bounce in the near-term. However, if GBP/USD manages to break even lower, this would serve as a remarkably bearish signal for the pair.
GBP/USD (Monthly Chart, August 1995 - Present)
Source: Intellicharts
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