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GBP/USD downtrend continues
Weakness yesterday continued the downtrend, creating a new lower low at $1.22. A small rally has pushed the pair back to $1.2277, but the price will need a firm move above $1.2335 to indicate the retreat of the past ten weeks has run its course. Support is possible around $1.22, with a move below here taking the price on to $1.2085.