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GBPUSD Turns Flat but Downside Bias Rises

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The British pound sterling pushed below the rising wedge pattern and price action is likely to fall further.

The short term resistance level near 1.3678 is likely to keep a lid from price posting further gains. To the downside, we expect the declines to continue toward the 1.3500 level.

On the daily chart, price action is trading flat for the second daily session. However, a strong bearish candlestick is required to confirm further downside.

The daily Stochastics oscillator is also moving lower from the overbought levels for the moment.

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