GBP/USD closed lower on Monday and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold but remain neutral signalling that sideways to lower prices are possible near-term. If it extends the decline off January's high, the 50% retracement level of 2009's rally crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
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