The GBPUSD closed below the 200dma once again. Not only did the pair close below this level today, but closed the week last week below the 200dma as well. The Bank of England decision is on Thursday, and even though the market is expecting the BOE to raise rates by 25bps and to increase quantitative tightening, however the BOE may have some dovish comments which could allow for further weakness in the GBP. A move below the 1.2300 level would target the 1.2078 127% extension next.
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