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GBP/USD Mid-Day Outlook

Daily Pivots: (S1) 1.9725; (P) 1.9850; (R1) 1.9927;

Cable falls further today and the touching of 1.9689 support turns outlook mixed. At this point, further decline could still be seen as long as 1.9817 minor resistance holds. Firm break of 1.9689 support will dampen the view that choppy fall from 2.0391 has completed as falling wedge at 1.9599 and focus will be put back to this support. On the upside, though, above 1.9817 will turn intraday outlook neutral first and the outlook will be reassessed after cable stabilizes.

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