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GBPUSD fell sharply on Thursday as price inched closer to the identified support area of 1.2368.

The declines came on the back of the BoE meeting and a weak economic outlook.

With the support level near 1.2516 clear, price action has been in a steady decline.

The dip to 1.2368 will potentially see a short term bounce in price. It will also confirm the correction to the downside.

We expect GBPUSD to remain range-bound within 1.2516 and 1.2368 for the short term.

breakout from either of these levels will then set the stage for the next direction for price.

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