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The intraday USD selling bias picked up pace during the early European session and pushed the GBP/USD pair to daily tops, around the 1.3790 region in the last hour.
A combination of factors assisted the pair to regain some positive traction on Wednesday and built on the previous day's modest bounce from the 1.3700 neighbourhood. The British pound found some support following the release of better-than-expected UK macro data.
Hence, it will be prudent to wait for some follow-through buying beyond the 1.3800 mark before traders start positioning for the resumption of the recent bounce from multi-week lows. Nevertheless, the GBP/USD pair, for now, seems to have snapped two days of the losing streak.
The British pound remains under pressure against the US dollar towards the 1.3800 level. According to the overall size of the bearish pattern, the GBPUSD pair could fall towards the 1.3710 and 1.3680 support level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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