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GBP/USD caught in a bearish trend
July’s tale has been replicated in August, namely that $1.34 continues to be too much of a barrier for upside progress here. The pair remains stuck in a bearish trend, with little sign that a real upward move is on the cards – today’s Bank of England meeting has certainly stayed the hand of sterling bulls, with the ongoing tide of negative data not helping matters.
A significant dovish shift on the MPC today might see the pair head down towards $1.32, and then on to possible support around $1.3050.