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This article was written by Michael Oyebamiji, an FX analyst with major focus on G-10 currencies.
GBP has rallied massively over the past couple of weeks against all major currencies, especially the USD, to set a new high for 2016. This is a move which could be attributed to an oversold condition which we saw in the first quarter of 2016.
However, I think it is now time to see another big drop to the downside on cable. Some of the reasons why I think this pair should drop will be highlighted below.
Firstly, major fundamental data surrounding the UK economy is now indicating ... (read more)