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There is still room for extra downside in Cable while below 1.3173, according to Senior Analyst at Commerzbank Axel Rudolph.

Key Quotes

GBP/USD has dropped to the December 2016 and January 2017 highs and August 2017 low at 1.2776/1.2706 where it is expected to short-term stabilize today. Below this area lies the June 2017 low at 1.2590″.

“Over the next few days the risk remains on the downside while trading below the 1.3173 July 30 high. Minor resistance below this level comes in at the 1.2957 July 19 low as well as at the 1.3049 and 1.3102 late June lows”.

“A move above the 1.3363 July high would imply a deeper corrective phase to the 1.3473/1.3580 June high and 200 day moving average”.