Is GBPUSD heading for a correction?

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The British pound sterling finally broke the minor rising trend line.

This evidently saw prices breaking the medium-term trend line as well.

For the moment, prices are trading just below the key level of 1.2643.

A strong close below this level is needed to confirm further declines.

The next downside target is at 1.2516 marking the 4th June lows in the uptrend.

And a close below here will send prices down to 1.2343 where support will be coming under test next.

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