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GBPUSD Rebounds On BoE Rate Cut

Mar 20 2020, 02:40 PM (BDT) |

The Bank of England cut interest rates in a move to combat the coronavirus pandemic.

GBPUSD price action is rebounding off the 1.4898 level. If this bottom forms, we expect the upside near 1.2000 to be tested in the near term.

The Stochastics oscillator remains at the oversold level for the moment, so we could see some consolidation to continue.

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