GBPUSD: GBP followed through lower on Monday leaving risk of more declines on the cards. This view remains valid while the pair holds below the 1.5784/1.5624 levels. On the downside, support lies at the 1.5650 level where a break if seen will aim at the 1.5600 level. A break of here will turn attention to the 1.5550 level. Further down, support lies at the 1.5500 level. On the upside, resistance resides at the 1.5750 level with a break aiming at the 1.5824 level. A violation of here will aim at the 1.5900 level and possibly higher towards the 1.5950 level. On the whole, GBP has activated a corrective pull as it looks to extend that weakness in the days ahead.
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