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FxWirePro: GBP/USD succumbs to downside pressure after bearish engulfing in daily chart

The pound is moving lower sharply in Tuesday’s trading as the recovery got stalled on Monday, with price action forming a bearish engulfing candle, as last Friday’s support got cleared.

The focus is now on the Unemployment, and if it comes out much better than expected might provide support to the pound. Our calculations suggest that the bulls are lined up around 1.246 area.

The retail sentiment, which acts as a contrarian indicator also supports the bearish outlook. According to data from IG Markets, 79 percent of retail positions are long on GBP/USD, while only 21 percent positions are bullish.  

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