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GBP/USD poised to resume lower

BofA Merrill Lynch notes in a report on Wednesday: 

  • With the US $ bull trend intact, our attention turns to GBP/USD. It has just broken down from its 3d contracting range; resuming its larger bear trend in the process. 

  • Downside targets are seen to1.4917 before 1.4813 (Jul'13 lows). Pullbacks should not exceed 1.5102 (Mar-10 high). 

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