On the 4-hour chart, the Cable seems to be going down, having touched the previous monthly high at 1.3169 level. This down movement has been already confirmed too by the William %Range (10) which is already back from the overbought level. Based on this information, there is a possibility for GBP/USD to go down with the target at the 1.3075 level as long as the pair does not retrace upwards and closes above the 1.3169 level. If this happens, the downward movement will be automatically canceled.
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