DailyFX: British Pound Tries To Hold 1.7000

British pound bulls once again tumbled below the 1.7100 handle after the cable longs failed to reestablish their dominance over the price action. As dollar bulls continue their unrelenting advance, a further move to the downside will most likely see the cable longs retreat below the psychologically important 1.7000 handle, and with a further collapse of the sterling defenses most likely seeing the pair head toward the pound bids around 1.6877, a level marked by the November 26, 2003 daily low.   
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