GBPUSD

GBP/USD closed slightly lower due to short covering overnight as it consolidates some of this month's decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If its extends this month's decline, October's low crossing is the next downside target. Closes above the 20-day moving average crossing would confirm that a short-term low has been posted.

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