The GBP/USD pair continues with its struggle to gain any meaningful traction and languishes near its lowest level since early June touched on Monday.
Spot prices currently trade around the 1.2380-1.2375 region and seem vulnerable to prolonging the recent downward trajectory witnessed over the past two months or so.
From a technical perspective, the recent decline along a downward-sloping channel points to a well-established short-term downtrend. Adding to this, last week's breakdown through the very important 200-day Simple Moving Average – for the first time since March – was seen as a fresh trigger for bearish traders. The subsequent slide and acceptance below the 1.2400 round figure validate the negative outlook.
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