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GBPUSD is on our watchlist this week as the price rejected the key 1.3000 resistance zone. The daily timeframe looks to be in a retracement phase suggesting the price will move to the next key area of support which is 1.2800.

As shown in the chart above the market gapped overnight which could also lead to a move lower.

We have taken a short position from the signal on the hourly timeframe with 1st targets of the recent lows and second targets of the key 1.2800 level.