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As expected, GBPUSD breaks below 1.4557 support and reaches as low as 1.4466 level. Further fall could be seen to 1.4000 zone in next several days. Key resistance is now located at 1.5534 level. Only rise above this level will indicate that the fall from 2.0158 (July 15 high) has completed.
For long term analysis, GBPUSD remains in long term bearish movement. Deeper decline to 1.4000 zone to reach the next cycle bottom on weekly chart is expected.
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