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The Pound facing a potential bearish reversal – GBP/USD Market Outlook – 04/06/2020


The Cable bulls got rejected above the 1.26 resistance level as the pair fell below 1.2550 after BOE Governor Andrew Bailey has been spotted asking major banks to prepare for no-deal Brexit. Between the Brexit concerns and negative COVID-19 news, the Pound is more likely to fall towards our next line of support, 1.2480, in today’s session, except if the UK Construction PMI positive data holds the currency afloat a little while longer.

Support: 1.2530/ 1.2480
Resistance: 1.2640 / 1.27

SquaredFinancial Daily Market Outlook


Source: https://www.squaredfinancial.com/learn/daily-market-outlook/the-pound-facing-a-potential-bearish-reversal-gbp-usd-market-outlook-04-06-2020
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