GBPUSD Breaks Down Below Support Level

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The British pound sterling is trading slightly weaker, but declines are accelerating after prices broke down off the technical support.

The price level near 1.2344 has held up as support in previous tests. But the current breakdown off this level now puts the downside in focus.

We now expect the GBPUSD to post declines down to 1.2233 level. There could be a slight rebound off this level that might keep prices range-bound.

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