The USD selloff was limited this morning as buyers returned under bespoke support. The GBPUSD rally stalled at the 61.8% pullback level of 1.3897 and we have pushed to the downside.

This move is considered deep but corrected with the 1.3731 2nd July low likely to stay in place.

Elsewhere, AUD rally could stall but I explain why I will NOT be taking any short positions for the Ozzie.

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