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GBP/USD could target 200-day SMA
The currency pair has now come to rest on the 50-day simple moving average at $1.5518, although there seems no end to the current downtrend. Sterling bulls may hope that the rising trendline off the April lows will kick into play soon and allow cable to continue the uptrend it began almost three months ago.
A move through $1.55 would suggest more downside is on its way, with a target of the 200-day SMA at $1.5546; still-bearish stochastics on the daily chart would support this thesis. The sequence of lower lows continues, so until this reverses the outlook remains negative. We would need to see a close above $1.56 to even suggest that the downtrend has run its course.