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Downward momentum remains strong – GBP/USD Market Outlook – 22/06/2020

SquaredFinancial

The Pound found temporary support at 1.2350 after UK Chancelor Rishi Sunak offered a cut in the Value Added Tax to ease the fight against the pandemic. On the flip side, Brexit tensions remain high as the UK has rejected EU demands that it commit to remaining part of the European Convention on Human Rights, blocking any progress and development for now. Therefore, the downward momentum will remain strong and 1.2330 will likely be taken out soon, shifting the focus towards the 1.2270 support.

Support: 1.2330/ 1.2270
Resistance: 1.2415 / 1.2450

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/downward-momentum-remains-strong-gbp-usd-market-outlook-22-06-2020
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