Given the continued doubt and uncertainty surrounding the Bank of England’s (BoE) inclination to follow the Federal Reserve’s lead in raising interest rates, the currency pair continues to trade within a strong downtrend that could soon see further long-term lows.
The pair rose a bit during the course of the day on Monday, as the 1.4378 level (Monthly Pivot) continues offer support. Currently positioned around the key 1.4378 support level. If the pair have close price today < close price yesterday, I believe that can begin to see the potential of a bearish flag pattern being created on the GBP/USD daily chart.
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