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GBP/USD is trading under 1.37, suffering from robust dollar demand. The financial woes of China's Evergrande threaten a drop in global demand. Soaring energy prices are also weighing on sentiment. The Fed and the BOE are eyed later this week.
The Relative Strength Index on the four-hour chart is well below 30 – reflecting oversold conditions. That indicates an upside correction is due. Other indicators such as momentum and Simple Moving Averages point lower.
Some support awaits at 1.3570, the mid-August low. A more substantial cushion awaits at 1.3660, which is the daily low. It if followed by 1.36, a psychologically significant level and the lowest point in the summer. Further down, 1.35 awaits the pair.
Some resistance is at 1.3720, a swing low from mid-September. It is followed by 1.3765. 1.38 and 1.3855.
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