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The GBP/USD pair is downside corrective near-term and is seen heading down back towards the nine-month uptrend at 1.3573, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank , reports.

GBP/USD range trades around the 55-DMA at 1.3824

“Even though GBP/USD remains under pressure and our attention is still on the nine month uptrend line at 1.3573, further sideways trading around the 55 day ma at 1.3824 is likely to be seen.”  

“The cable will stay offered below the short-term downtrend line at 1.3856. Above it sits the March highs at 1.4003/18. Key resistance is seen at 1.4018, the March high.”  

“A slip below the uptrend at 1.3573 would target 1.3483, the September 2018 high and the 200-day ma at 1.3287.”