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On the 4 hour chart, after breaking out, the GBP/USD pair closed below the previous day low at the 1.2976 level. The pair is now trying to hit the nearest target levels of 1.3070-1.3079. Please pay attention that the pair is unlikely to resume its upward movememt if Cable continues to decline and closes below the 1.2949 level.
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The material has been provided by InstaForex Company - www.instaforex.com