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​Technical Analysis: GBPUSD remains below 200-SMA, yearly trendline before UK's key budget

The GBPUSD pair's recovery moves from 1.2865 needs to be watched carefully as monthly data from the UK and the first British budget after the Brexit is in the pipeline for publishing today. While the data is more likely to help the GBP, the US dollar is also trimming Tuesday's gains amid coronavirus fears. Even so, the pair trades blow 200-bar SMA level of 1.2970, which can restrict immediate upside. In a case where the quote rises past-1.2970, 1.3000 and 61.8% Fibonacci retracement level of 1.3070 can please the buyers ahead of making them confront a downward sloping trend line from December 31, at 1.3120.

Meanwhile, any downside past-1.2865 can recall sellers targeting 1.2830 and 1.2770. Though, the monthly lows near 1.2725 and 1.2700 mark could challenge the bears afterward.

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