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Cable Downtrend Resumes As Fresh Cycle Lows Printed

GBP
  • The trend needle in GBPUSD (-0.70%) continues to point south and the pair has traded to a fresh cycle low today, a few pips below the 124.00 handle. This confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs.
  • Attention is on 1.2369 next, the Jun 5 low, before 1.2308 the May 25 low and a key support.
  • Tomorrow, markets will receive the latest BOE/Ipsos inflation expectations. However, the focus will remain on the busy calendar next week with both August CPI and the Bank of England rate decision.

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