GBP/USD closed lower on Wednesday but remains above the 50% retracement level of 2009's rally crossing. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are diverging but are neutral to bearish hinting that additional weakness is possible. If it extends the decline off January's high, the 62% 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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