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Lower Close for GBP/USD Would Be Longest Losing Streak in a Year

GBP
  • GBP/USD returning to the day's earlier session lows of 1.2808 - which mark initial support. A lower close today would be the seventh consecutive lower close for the pair - a losing streak last equalled in August last year (Powell's hawkish appearance at Jackson Hole), but not topped since March 2020 and the onset of the COVID pandemic.
  • A continuation lower would expose the 50-day EMA which intersects at 1.2714. The base of the bull channel, drawn from the Mar 8 low, intersects at 1.2676 and represents a key trend support. Nonetheless, the medium-term outlook remains bullish.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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