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The British pound sterling is trading near a one-week low after losing the 1.3000 support level.

The decline will make price action biased to the downside if there is no recovery.

Above the 1.3000 handle, the key resistance area of 1.3122 will be tested once again. Meanwhile, if 1.3000 level turns into resistance, we could see further declines in the near term.

The lower support level is at 1.2750. However, price action is making consistently higher lows. This could lead to an eventual breakout higher.

The key level for GBPUSD will be 1.3122. A breakout above this level could signal further gains to 1.3300 next.

Test your strategy on how the GBP will fare! Open your Orbex Account and start trading now. 

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