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On the weekly timeframe, GBPUSD experienced a trend reversal after touching the resistance line last month. Although the pair is still well above the kumo cloud, the decline seen on the stochastic indicator could be a signal that the bearish trend might continue. Currently, the pair is at 1.31137 after experiencing overbought conditions in the previous session. Traders are advised to study other indicators to confirm trading decisions, as the bearish signals seen could indicate further declines if there is not enough momentum to push prices back up.
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