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GBP/USD has eroded the near-term support line. Karen Jones, Team Head FICC Technical Analysis Research, analyzes the cable technically.

Key quotes

“GBP/USD has started to erode the near-term uptrend at 1.2358 and failure here targets the 21st April low at 1.2247. This is negative price action and failure at 1.2247 would push the current April low at 1.2163 to the fore.”

“Rallies will find initial resistance at 10.2437/45 (55-day ma) ahead of the 200-day ma at 1.2651.”