GBP/USD bottomed out at 1.4012, finding support a few pips ahead of major support at 1.4000. Short-term technical picture remains clearly bearish as per indicators heading south below their mid-lines, but both 1 hour and 4 hours charts exhibit oversold conditions, suggesting the pound might take a breather before resuming the slide. GBP/USD needs at least to regain the 1.4200 level to ease immediate bearish pressure and increase chances of a stronger recovery. On the downside, a break below 1.4000 will fuel the fall, with 1.3850 standing as next major support area.
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