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If the UK confirms a slow exit path from the current lockdown restrictions, GBP/USD is likely to test support within the recent 1.22-1.27 range, according to Westpac Institutional Bank.

Key quotes

“Chancellor (Treasurer) Sunak is pushing for relaxation, but with the UK death toll now the highest in Europe, recently recovering Johnson may well outline a slow, measured, and staggered exit path.”

“Support within GBP/USD’s recent 1.22-1.27 range is likely to be firmly tested on a slow lockdown exit path.”