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FxWirePro: GBP/USD slips and closes under key fibo,expect a bigger drop

• GBP/USD fell sharply on Wednesday   as dollar rose strongly on US presidential election results.

• The dollar was supercharged during the overnight session as vote tallies increasingly pointed to a comeback win for the former president.

• Later in the day, the Federal Reserve will start its two-day meeting where the central bank is expected to ease benchmark interest rate by 25 basis points.  

•   Immediate resistance is located at 1.2894( 50%fib), any close above will push the pair towards 1.2993(61.8%fib)

•  Strong support is seen at 1.2802(38.2%fib) and break below could take the pair towards 1.2748(Aug 12th low).

  Recommendation: Good to sell around 1.2900 , with stop loss of 1.2980  and target price of 1.2820

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