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Last weekend, we looked at a potential breakdown from the GBPUSD.
I’ve mentioned the idea that the late-February surge above channel resistance looked to be a false break.
As you may know, a false break to one side of a pattern usually triggers an extended move in the opposite direction.
For GBPUSD, that implies a move lower.
That said, sellers need to get through the 1.3800 area to expose lower levels.
I talked about this on Sunday.
A daily close below 1.3750 should confirm the breakdown.
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It would also open the door to 1.3580 and perhaps 1.3450.
Below 1.3450, we have the December 2020 lows near 1.3150.
Remember that GBPUSD sellers need to secure a daily close below 1.3750 to confirm the breakdown.
Until that time, the market is above key support.