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GBP/USD could see $1.21
The data-heavy week for the UK has not been able to prevent an ongoing drift lower for GBP/USD. Yesterday’s bounce petered out just below $1.25, so the sellers now need to get the price below $1.2350 to create a new low.
Longer term, we could see $1.21 if sterling weakness gathers strength. A rally above $1.25 would head back to the recent peak around $1.2650.