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GBP/USD suffers ten day trading decline
The sequence of negative days for GBP/USD stretches back to 15 July and although this might not have seen more than 200 pips knocked off the price, it has seen ten trading days of decline. On the relative strength index this is now heavily oversold and in the natural ebb and flow of price movements, some sort of correction would appear likely.
Debate among currency traders has been focused on who will rise first, the US or the UK. Certainly the perception a month ago was that the UK were the clear favourites, but with a combination of impressive US corporate figures and UK companies crumbling about currency headwinds, sentiment has begun to change.
The combination of looking oversold and the 100-day moving average should offer GBP/USD some support just above the $1.6920 level.