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The GBP/USD pair is trading in the red at 1.1938 at the time of writing. It seems very heavy as the Dollar Index rallied. I've talked about a larger correction after its amazing rally. Still, a deeper drop needs strong confirmation.
The USD is strongly bullish as the US Prelim GDP rose by 2.9% beating the 2.8% growth expected, JOLTS Job Openings came in better than expected, at 10.33M versus 10.24M estimated, while Pending Home Sales registered a 4.6% drop versus a 5.8% drop expected.
In the short term, the GBP/USD pair came back to test and retest the weekly pivot point of 1.2010 and 1.2028. It has only tested and retested these levels and now it crashed. After breaking below the uptrend line and below the channel's downside line, it was expected to develop a larger drop.
The 1.1940 former low was seen as a critical downside obstacle. A valid breakdown below it may signal more declines.
Closing and staying below the 1.1940 static support on the H1 chart validates a new lower low and a downside continuation. Also, the breakdown was seen as a short signal.
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